European markets tanked Monday as global investors braced for the spread of the coronavirus and oil prices fell after the collapse of OPEC talks.

The pan-European Stoxx 600 provisionally ended the day over 7% lower at 340.83 — that's down more than 20 percent from its year high of 433.90 meaning it's in bear market territory. Oil and gas stocks plunged over 16% to lead losses as all sectors and major bourses declined sharply.

Stocks in Asia saw steep declines on Monday afternoon as oil prices plunged after OPEC failed to strike a deal with its allies on production cuts.

Stateside, the Dow Jones Industrial Average tanked 1,567 points on pace for its worst day since December 2008, while the S&P 500 plunged 5.7%. It comes after trading on Wall Street was halted for 15 minutes after the S&P 500 sank 7% at the start of the session.

Oil prices plunged more than 20% after OPEC's failure to strike a deal with its allies on production cuts caused Saudi Arabia to slash its prices and reportedly get set to ramp up production. That's led to fears of an all-out price war.