Santos Limited (ASX: STO) saw its stock price plummet by 9.13% in Friday's trading session, as the Australian energy sector faced a severe selloff triggered by a perfect storm of negative factors affecting the global oil market.

The dramatic decline in Santos' share price can be attributed to three main factors. First, global oil prices experienced a significant crash, with WTI crude oil prices plunging 6.9% to US$66.78 a barrel and Brent crude oil prices falling 6.6% to US$70.00 a barrel. This sharp drop in oil prices sent shockwaves through the energy sector, affecting major oil and gas companies worldwide.

Second, news emerged that OPEC+ had agreed to accelerate its planned output increases. This unexpected move raised concerns about potential oversupply in the global oil market, further pressuring crude oil prices. As Santos' operations and profitability are closely tied to oil prices, the company's stock took a significant hit in response to these market developments.

Lastly, the announcement of sweeping new import tariffs by U.S. President Donald Trump has fueled fears of a full-blown trade war and potential global economic slowdown. This development has added to the bearish sentiment in the oil market, as investors worry about reduced demand for energy in a slowing global economy.

The ASX energy sub-index, which includes Santos, fell by 7.6% to its lowest level since November 2020, reflecting the broader impact on the Australian energy sector. Analysts suggest that energy stocks may continue to face pressure as long as markets price in higher probabilities of a U.S. recession and global economic headwinds persist.