Chevron Corporation (NYSE: CVX) saw its stock price plummet by 5.01% during intraday trading on Thursday, as the energy sector faced significant pressure from falling oil prices and growing concerns over the escalating U.S.-China trade war.

The sharp decline in Chevron's stock came as global oil prices experienced a substantial drop, with Brent crude falling 5% to $62.12 a barrel and West Texas Intermediate (WTI) crude declining 5.6% to $58.87 a barrel. The oil price slump was primarily driven by fears of a widening trade conflict between the United States and China, coupled with uncertainties surrounding the global economic outlook.

The energy sector as a whole felt the impact of these macroeconomic factors, with other major oil companies also experiencing significant losses. Exxon Mobil was down 2.7%, while ConocoPhillips fell 4.8%. The broader market sentiment remained cautious, as investors weighed the potential consequences of the ongoing trade tensions on global economic growth and energy demand. As one of the largest integrated energy companies, Chevron's stock performance closely mirrors the volatility in the oil market and broader economic concerns affecting the energy industry.