Oil prices extend losses amid fears of a widening trade war between the U.S. and China and uncertainties over the global economic outlook. Brent crude falls 5% to $62.12 a barrel, while WTI is down 5.6% to $58.87 a barrel.

The benchmarks opened the trading session higher as U.S. President Trump's decision to pause so-called reciprocal tariffs against several countries provided a boost to risk assets.

"Markets rebounded from extreme oversold momentum levels--last seen in 2020--following the confirmed 90-day delay on tariffs," Razan Hilal, market analyst at Forex.com, says. "However, this recovery remains challenged by key resistance levels and ongoing risks tied to the U.S.-China trade war and broader concerns over global economic growth."