ONEOK Inc (OKE) saw its stock price plummet by 7.91% in pre-market trading on Wednesday, as the energy sector faced a broad sell-off amid tumbling crude oil prices. The Oklahoma-based natural gas company's sharp decline comes as part of a larger trend affecting energy stocks across the board.

The S&P 500 energy index dropped 3% in early Wednesday trading, with every component in the red. Brent crude futures fell 1.6% to $63.24 per barrel, while U.S. West Texas Intermediate crude declined 1.7% to $59.39 per barrel. Oil prices are on track for their biggest monthly drop since 2021, primarily due to concerns over a global trade war eroding demand outlook and mounting supply pressures.

ONEOK's significant drop outpaced many of its peers in the energy sector. Other major energy companies also experienced notable declines, with oil majors Chevron and Exxon Mobil down 3% and 2.3% respectively. The ongoing slump in the energy sector has led to a 14% decline in the S&P 500 energy index for the month, tracking towards its largest monthly fall since June 2022. As global economic uncertainties continue to impact oil demand forecasts, energy companies like ONEOK may face further challenges in the near term.