Crude oil plunged by the most in nearly three years as concerns about weaker demand due to tariffs were exacerbated by the surprise move from OPEC+ to speed the return of withheld production

The commodity is being hit by several other things, including global fallout from the Trump tariffs and increased OPEC production.

As president Trump's latest tariffs weigh on growth outlooks, OPEC+ members unveiled plans for an output boost that outpaced expectations.

Energy prices are getting slammed by fears of a global economic slowdown stemming from President Trump's tariff plan. U.S. oil futures fell as much as 7% in early trading. They were on track for their worst day since 2022,

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Oil traders looking to book ships that call at US ports are trying to avoid Chinese-built vessels, after President Donald Trump proposed hefty fees on them in a bid to revive American shipbuilding.

The levies were seen as more aggressive than expected, with a 10 percent duty on all exports to the US and even higher rates on about 60 nations.

Eight OPEC+ countries will increase output by 411,000 barrels a day next month, prompting oil prices to fall further.