US oil prices plunged by over 7.5% on Thursday due to the impact of Trump's tariffs on energy markets and growing concerns of a recession. An unexpected move by OPEC+ to increase oil output also contributed to the decline. The market turmoil is extending beyond stocks, with the latest US tariffs causing crude prices to drop to a seven-month low. The decision made by the Organization of Petroleum Exporting Countries is further affecting oil traders.

On Thursday, US crude dropped by 7.63% to $66.25 per barrel, while Brent crude, the global standard, fell by 6.96%. The market reaction is a result of both President Trump's intensified trade war and the White House's announcement of higher tariffs on various economies, heightening worries about economic growth.

This unsettling climate has indirect effects on oil products, as highlighted by David Morrison, a senior market analyst at Trade Nation. Although energy imports are not impacted by tariffs, investors are concerned about the potential harm to global trade and economic growth.

Compounding concerns, OPEC+ declared that eight member countries would raise crude production by 411,000 barrels per day in the upcoming month, significantly more than anticipated. This move, aimed at penalizing members who have not adhered to production quotas, could contribute to oversupply in the market, particularly if a recession dampens energy demand.