Engine trouble- Plummeting oil pressure

Unless for some reason it's really low on oil.
It did climb a little pulling it in.

I'd for sure take a look at that first, as it could have just popped the filter gasket or blow out some other gasket/seal in the bottom somewhere.

Then the filter, and if nothing there either the oil pump drive intermediate shaft.

If no damage there it's at the very least time to pull the pan and have a look at the pump and some lower end bearings.