The U.S. markets and crude oil prices plunged Thursday following President Trump’s Wednesday announcement of new import tariffs around the world. Oklahoma energy stocks paid the price too with declines as great as 19%.
Crude oil prices dropped 6%, their biggest percentage decline since 2022 after OPEC+ surprised the world with an agreed increase in output.
Brent crude, the world benchmarch dropped $4.81 or 6.42% to settle at $70.14 a barrel.
The U.S. benchmark, West Texas Intermediate fell $4.76 or 6.64% to $66.95 a barrel on the New York Mercantile Exchange.
The declines came after OPEC+ ministers agreed to increased production and aim to return 411,000 barrels a day to the market in May.
Every one of the Oklahoma energy stocks we follow suffered a decline on Thursday with Vital Energy leading the way with a 19% fall followed by 15% for Helmerich & Payne, 13% Devon Energy, 12% Ovintiv and 11% Matrix Service Co.