Global oil futures plunged on Thursday, dropping more than 3% following US President Donald Trump's declaration of global tariffs, including a 10% baseline, 34% on China, and 20% on the EU, which raised investor concerns about potential trade conflicts that could reduce economic expansion and depress energy consumption.

West Texas Intermediate for May deliveries nosedived 3.74% at 3:15 am ET, going for $69.15 per barrel. Brent for June settlements slid 3.47% a minute later, selling at $72.45 a barrel.