Oil tumbled to a four-year low, following a surprise output increase by OPEC+ and a rapidly escalating global trade war that’s also rattling commodities markets from metals to gas.Most Read from Bloom

Markets were stunned when OPEC when chose not only to go ahead with its plans to raise oil production, but also to nearly triple the expected increase figure.

President Trump’s sweeping tariffs combined with OPEC’s unexpectedly large production hike are combining to trigger a “double whammy” on the oil and gas sector, resulting in crude prices tumbling and fears rising of lower energy demand in an economic slowdown.

Saudi Arabia and other members of the OPEC Plus group accelerated their program to put more oil on the market, adding to a sharp fall in prices.

Oil futures dropped as the U.S. reciprocal tariff rollout is seen worse than many had expected, raising concerns it will slow the global economy and oil demand with it.

Russia reaped less money from oil taxes last month as production fell and global crude prices declined. Oil-tax proceeds dropped by more than 15% from a year earlier to 956.8 billion rubles ($11.4 billion),

Stock indexes tumbled on Thursday, with the S&P 500 down more than 4%, while the U.S. dollar weakened and oil prices fell more than 6% as President Donald Trump’s drastic U.S. trade tariffs stoked fears of a global recession and led investors to seek safe-haven assets like bonds and the yen.

Energy prices got slammed by fears of a global economic slowdown stemming from President Trump's tariff plan, and OPEC and its market allies piled pressure onto the U.S. energy industry by open up the spigots.

The combination of lower oil prices and higher costs for essential materials like steel pipe threatens to squeeze domestic oil and gas producers.