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The aim of the study is to evaluate role of trade war between the United States and China on oil price. For this purpose, global oil price and US trade balance with China are selected as variables. In addition to this issue, monthly data of these variables for the periods between 1990 and 2019 are taken into consideration. In the evaluation process, both Engle–Granger cointegration and Toda–Yamamoto causality analysis are considered. The results of Engle–Granger cointegration analysis indicates that there is a ­relationship between trade war and oil prices. Nevertheless, according to the results of Toda–Yamamoto causality analysis, it is identified that trade war does not cause oil prices. While looking at these results, it is determined that trade war between the United States and China has an influence on the oil price changes. However, it is also understood that it is not the main factor of this volatility. Thus, it is recommended that in order to identify the main indicator of the oil price volatility, some different factors should also be taken into consideration.

The European states, which started the industrial revolution by making use of mechanical power, provided their agricultural development by producing new technology tools that will increase the production in the agricultural sector. The Ottoman Empire made many attempts to increase agricultural sector in the nineteenth century and implemented policies to increase production. In this direction, primitive agricultural tools were changed, and many encouraging steps were taken to adopt and spread modern technology in the country. As a result of the policies made, since the second half of the nineteenth century, the use of modern technology has increased in the provinces such as İzmir, Edirne and Adana and then in Konya and Ankara, since the railways reached the interior. Increasing accessibility to international markets with the development of commercial agriculture and railway construction are also important factors that encourage the use of machinery. When the use of machinery increased in the twentieth century, many machine companies opened dealers in the country and attempted to reach the inner parts of the country. With the increase in the use of modern agricultural technology, agricultural production has increased and provided significant benefits to the labor problem, especially in regions where commercial agriculture has developed. The effect of modern technology on the increase in production can be seen in the agricultural numbers in 1909–1914. When the agricultural census is taken into consideration, although the production areas did not increase, the production amount increased. However, the contribution of modern agricultural technology to production was still somewhat limited. The reason for this is that due to the high prices of agricultural machinery, small farm owners cannot supply these machines.