Energy (NYSEARCA:XLE) shows the widest loss with all 11 S&P stock sectors trading deeply in the red on Thursday, a day after the price of oil bounced off levels last seen in February 2021.

With global markets in turmoil, President Trump announced a 90-day halt on higher tariffs against most trading partners, but investor focus has shited to the deepening trade war between the U.S. and China after Trump raised duties on the country to 125%.

China is the world's largest oil importer, and the higher U.S. tariffs may weigh on the consumption of fuels and petrochemicals; even before Trump returned to the White House, China's usage of gasoline and diesel had been contracting, in part because of the country's sustained property crisis, and in part because of the spread of electric vehicles and renewables.

U.S. WTI front-month crude oil (CL1:COM) for May delivery -4.9% to $59.26/bbl and front-month June Brent crude (CO1:COM) -4.5% to $62.52/bbl, giving up all of the previous session's sharp gains.

ETFs: (USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (NYSEARCA:XLE), (NYSEARCA:XOP), (AMLP), (VDE), (OIH), (IXC), (CRAK)

APA Corp. (APA) is the sector's weakest performer, -14.2%, giving back the bulk of yesterday's gain; among other major oil and gas names, Devon Energy (DVN) -12.2%, SLB (SLB) -10.9%, ConocoPhillips (COP) -10%, Occidental Petroleum (OXY) -10%, Diamondback Energy (FANG) -9.6%, EOG Resources (EOG) -9.4%, Marathon Petroleum (MPC) -8.9%, Phillips 66 (PSX) -8.2%, Valero Enegy (VLO) -7.7%, Chevron (CVX) -7.3%, Exxon Mobil (XOM) -6.5%, Oneok (OKE) -6%.

Higher tariffs against China likely will cut U.S. crude exports to the country, backing up supply and raising U.S. storage levels, Ritterbusch analysts said Thursday, and U.S. crude oil exports to China fell to 112K bbl/day in March, 40% below last year's 190K bbl/day, according to data from vessel tracker Kpler.