WTI crude fell below $60 per barrel, settling at $58.90, a 4.24% drop on Oct 10. Brent closed at $62.73, down 3.82%. Geopolitical tensions eased due to Israel-Gaza ceasefire, while US-China trade disputes dampened oil demand fears.

Silver prices hit an all-time high of $49.55 per ounce, surpassing the 1980 record. Safe-haven demand, central bank purchases, and renewable energy support drove the rally.

Cenovus Energy raised its bid for MEG Energy to $6.2 billion, countering Strathcona Resources. Analysts predict a slowdown in global trade due to China-US tensions and potential sanctions.

Petrobras reported a new oil discovery in Brazil’s Campos Basin. Mexico granted Pemex full control over energy markets. Trinidad received a waiver to develop the Dragon gas field in Venezuela.

Chevron plans to drill in Suriname, boosting its energy projects. Venture Global faced a 15% share drop after a dispute with BP. US imposed sanctions on Iran, targeting entities purchasing Iranian crude.

Saudi Aramco bought Sumitomo’s stake in Petrorabigh refinery. China expanded rare earth export controls. Chinese port fees retaliated against US tariffs.

Saudi Arabia’s crude exports to China expected to drop. Indonesia plans a nationwide switch to B50 biodiesel by 2026. Global oil market faces uncertainty due to geopolitical tensions and trade disputes.

Read more at Yahoo Finance: Oil Prices Drop to $59 on Gaza Ceasefire and Trump’s China Tariff Threat