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

Markets were stunned when OPEC when chose not only to go ahead with its plans to raise oil production, but also to nearly triple the expected increase figure.

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

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.

Oil prices have fallen to a four-year low due to a surprise output increase by OPEC+ and escalating global trade war. Brent prices are down 13% in two days - heading below $65 a barrel. Prices for other commodities are also dropping.

Stock indexes tumbled on Thursday, with the S&P 500 down more than 4%, while the U.S. dollar weakened and oil prices fell more than 6% as President Donald Trump’s drastic U.S. trade tariffs stoked fears of a global recession and led investors to seek safe-haven assets like bonds and the yen.

The combination of lower oil prices and higher costs for essential materials like steel pipe threatens to squeeze domestic oil and gas producers.

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.

Venezuela owes China’s banks about $10 billion, and its oil is about the only legal way it has to pay them back.

Oil prices were down nearly 2% on Friday, and on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns that a global trade war could hurt oil demand. Brent futures fell $1.

Asian shares slid further Friday after U.S. President Donald Trump’s tariffs sent shudders through Wall Street at a level of shock unseen since the COVID-19 pandemic pummeled world markets in 2020

President Donald Trump's punishing tariffs rocked global financial markets on Thursday, with the dollar and U.S. stocks tumbling as investors rushed to safe havens on fears a broadening trade war would push an already fragile world economy into recession.

Prices fell sharply after Trump unveiled plans to impose sweeping tariffs on major trade partners, stoking fears that an escalating global trade war will hurt economic growth and demand for crude.

Stock markets and the dollar tumbled Thursday after President Donald Trump's latest worldwide tariff salvo fanned a trade war that many fear will spark recession and ramp up inflation.

Asian and Australian markets dropped for a second day, as Donald Trump's raft of worldwide tariffs continues to spark fears of a global downturn. Hours earlier, the US markets clo

Yet the calls for making a deal from the EU, the U.K. and Japan indicated a lack of appetite for escalating trade tensions with the world's biggest economy and fear that slapping tariffs on U.S. goods will only make things worse.

Asian markets are retreating after Wall Street led the biggest loss among world's markets over worries about U.S. President Donald Trump's tariffs