The price of oil in the global market plunged further Friday morning to the lowest levels since 2021. Just after 11 a.m. EST, both international and domestic benchmark oil prices had dropped by around 8%,

Oil prices slid Friday to their lowest levels in nearly four years. A plan to increase supply by the Organization of the Petroleum Exporting Countries and its allies added to fears that tariffs will plunge the global economy into recession.

Oil prices plunged 7% on Friday to settle at their lowest in over three years as China ramped up tariffs on U.S. goods, escalating a trade war that has led investors to price in a higher probability of recession.

Major oil producers announced a bigger-than-expected output boost for May, even as Trump’s tariffs tank crude prices.

Oil prices experienced a sharp decline this week due to the announcement of U.S. tariffs on trade partners and OPEC+'s decision to significantly increase production, raising concerns about weakened demand and oversupply.

Oil prices swooned on Thursday to settle with their steepest percentage loss since 2022, after OPEC+ agreed to a surprise increase in output the day after U.S. President Donald Trump announced sweepin