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Oil surged the most ever in New York as the U.S. president said he could get involved in the standoff between Saudi Arabia and Russia that has rocked crude markets.

Oil tankers are starting to drop anchor as traders start deploying the vessels to keep barrels at sea in the wake of the price plunge.

The latest collapse in oil prices has put in play a lucrative trade to store crude at sea, reviving memories of the 2008-09 recession when millions of barrels were kept on the world’s oceans.

Oil companies are being forced to pay exorbitant prices for oil tankers as shipowners book vessels for storage and Saudi Arabia snaps up ships as it prepares to flood the market with crude.

Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual oil demand in history.

OPEC+ talks ended in dramatic failure, signaling the possible end of a diplomatic alliance between Saudi Arabia and Russia that has underpinned crude prices and changed the balance of power in the Middle East.

Oil deepened a three-day rout as panic over a coronavirus outbreak in the U.S. gripped investors and sent shockwaves through commodity, equity and debt markets.

Oil extended its rebound above $50 a barrel as tentative signs that Asia’s coronavirus may be easing spurred speculation that the worst of crude’s sell-off could have passed.

Oil traders and sellers are making more inquiries for supertankers to hoard crude at sea in the latest indication of the crushing impact the coronavirus is having on demand in the world’s biggest importer.

Canadian crude rebounded from a one-year low after inventories fell and Alberta’s premier pledged to defend prices.