Exxon Mobil (XOM) shares plummeted 5.02% in intraday trading on Friday, as the energy sector faced a double whammy of retaliatory tariffs from China and plunging oil prices. The stock's sharp decline came amid a broader market selloff triggered by escalating trade tensions between the United States and China.

China announced additional tariffs of 34% on U.S. goods, set to go into effect on April 10, in response to the Trump administration's recent imposition of sweeping levies. This move heightened concerns about a potential global economic slowdown, which could significantly impact oil demand. As a result, crude oil prices tumbled, with Brent futures falling 4.7% to $66.83 per barrel and U.S. West Texas Intermediate crude futures declining 4.8% to $63.71 per barrel by mid-morning.

The oil market's reaction to the trade war escalation has hit major energy companies particularly hard. Exxon Mobil, as one of the largest publicly traded oil and gas companies globally, saw its stock price take a substantial hit. The company's significant exposure to global oil markets makes it especially vulnerable to fluctuations in crude prices and concerns about worldwide economic growth. Investors are now reassessing the outlook for energy demand and company profits in light of the intensifying trade dispute between the world's two largest economies.