Oil prices rallied Thursday on fresh tensions between the U.S. and Iran, but equities struggled to build on strong gains as data revealed a dire economic fallout from the coronavirus pandemic.

Chancellor Angela Merkel on Thursday said Germany was ready to pay into a "significantly higher" EU budget to help the bloc cope with the fallout of the coronavirus pandemic.

The Turkish central bank on Wednesday cut its main interest rate again by a full percentage point to 8.75 percent despite a fall in the Turkish lira's value against the U.S. dollar.

Brent hit a two-decade low Wednesday as oil resumed its painful retreat and extended a rout that has torn through energy markets, though stock exchanges in Asia and Europe were mixed following a two-day sell-off.

A day after its historic slide into negative territory amid a supply glut, U.S. oil futures finished in positive territory Tuesday although the market remained under heavy pressure.

The head of the U.N. food agency warned Tuesday that, as the world is dealing with the coronavirus pandemic, it is also "on the brink of a hunger pandemic" that could lead to "multiple famines of biblical proportions" within a few months if immediate action isn't taken.

World Food Program Executive Director David Beasley told the U.N. Security Council that even before COVID-19 became an issue, he was telling world leaders that "2020 would be facing the worst humanitarian crisis since World War II." That's because of wars in Syria, Yemen and elsewhere, locust swarms in Africa, frequent natural disasters and economic crises including in Lebanon, Congo, Sudan and Ethiopia, he said.

The Saudi stock market led Gulf bourses down on Tuesday, a day after U.S. oil prices slumped to historic lows over sluggish demand, a supply glut and a lack of storage.

US crude prices bounced Tuesday but were unable to keep in positive territory, a day after crashing below $0 for the first time owing to crippled demand and a storage glut, while the commodity rout sent equities sharply lower.

The U.S. benchmark crude oil price collapsed on Monday, falling to one cent a barrel amid an epic supply glut caused largely by the coronavirus pandemic's hit to demand.

Absent staff and broken supply chains scuppered efforts by some Indian industries to restart Monday, weeks after the government ordered a nationwide shutdown to stop the spread of coronavirus.