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.

The combination of the tariffs and the Saudi-led response dropped Brent crude oil prices down to just $65.58 a barrel.

Analysts have indicated that the escalating conflict between the U.S. and foreign nations over tariffs is further propelling the market to a global trade war.

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

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 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.

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

Oil prices fell on Thursday as the decision by the OPEC+ group to speed up unwinding of oil output cuts in May compounded already heavy losses following U.S. President Donald Trump's announcement of sweeping new import tariffs.

Energy prices got slammed by fears of a global economic slowdown stemming from President Trump's tariff plan, and OPEC and its market allies piled pressure onto the U.S. energy industry by open up the spigots.