Oil spiraled to its worst daily performance of the year as mounting trade tensions between the world’s biggest economies sent investors fleeing from risky assets.

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Futures in New York fell almost 6% on Thursday for the steepest decline since Dec. 24. Equity markets also slumped, with six of every seven companies in the S&P 500 Index dropping after China assailed American sanctions and U.S. lawmakers proposed a ban on Chinese 5G technology.

West Texas Intermediate crude for July delivery settled down $3.51 at $57.91 a barrel on the New York Mercantile Exchange. Brent, the international benchmark, dipped 4.5% to close at $67.76 on London’s ICE Europe Futures.[read more]