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

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.

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.