A sharp fall in crude oil prices has triggered a sell-off in oil and gas stocks, after analysts downgraded earnings forecasts and reviewed the resilience of company balance sheets.

The country’s three largest oil and gas producers had $4.3 billion wiped off their market value on Monday in a third day of heavy selling since the twin shocks last Thursday of a decision from OPEC and its allies to raise production more than anticipated, and US tariff announcements that triggered fears of a global recession.