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.

Crude futures suffered their sharpest one-day decline in almost three years as concerns about loss of demand due to U.S. tariffs are exacerbated by OPEC+ speeding up the return of withheld production.

Oil prices fell to negative territory after rising by a dollar in post-settlement trade on Wednesday as U.S. President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude.

Fears that China's tariff retaliation against the U.S increases the probability of a global recession is hitting commodity prices hard. U.S. West Texas Intermediate oil futures are down nearly 8% to $61.

China slapped a 34% tariff on U.S. goods starting April 10 in retaliation to Trump's tariff plans. Global markets tumble as the trade war begins. Follow along for live updates on how the Dow, S&P 500 and Nasdaq are reacting.

Oil futures rose 3.1% to $71.48 a barrel. Strategists say that efforts to cut Russia off from global energy markets during the Biden administration were largely circumvented. The Trump administration's "secondary tariff" plan, which would also apply to buyers of Venezuelan oil, could tighten markets significantly.

Oil prices jumped after the US President Donald Trump threatened so-called secondary tariffs on Russia and Iran.

Oil tanked on Thursday after OPEC+ decides to increase output more than expected, adding to losses sparked by Trump's tariff announcement.

Investing.com -- U.S. crude oil futures were roughly unchanged from post-settlement levels Tuesday despite the American Petroleum Institute reporting a large jump in weekly domestic crude stockpiles.