U.S. oil prices plummeted on Sunday, briefly falling below $60 a barrel — their lowest point in nearly four years — as the economic impacts of President Trump’s recent tariffs reverberated globally.

Compared to last Wednesday, before Mr. Trump’s announcement of significant new tariffs on most imports, crude oil now costs around 15 percent less. This rapid decline suggests growing concerns that the high tariffs could hinder economic growth and potentially trigger recessions in the U.S. and its trading partners.

Falling oil prices typically benefit consumers and businesses that use gasoline, diesel, and jet fuel. In line with this, Mr. Trump and his administration have sought to lower energy prices to combat inflation.

However, if prices stay around these levels or decline further, U.S. oil and gas companies might slow drilling, reduce spending, and lay off workers. This could have serious implications, particularly for oil-rich states such as Texas and New Mexico.

Another major factor in the decline of oil prices is OPEC’s decision last week to speed up its plans to increase production, which will boost oil supply during a time when many analysts expect demand to drop.

Additionally, U.S. energy companies are facing higher costs for essential materials like steel tubing, which is subject to a 25 percent tariff that Mr. Trump announced in February.

Smaller oil companies, a crucial group for Mr. Trump’s supporters, are more likely to cut back operations first due to their more limited financial resources and agility. Natural gas prices, however, have been more resilient, offering some support for producers.

Following Mr. Trump’s tariff announcement, the share price of an exchange-traded fund composed of U.S. oil and gas stocks dropped by 20 percent over the subsequent two days.