The violent crash happened about 4:25 a.m. near the intersection of Harbor Boulevard and Wooley Road, according to the Oxnard Police Department. There were six occupants in the vehicle at the time of the incident.
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The victims ranged in age from 15 to 19, police said. Two females died at the scene and a third female died at a hospital.
Among the dead was the SUV's driver, 18-year-old Jazmine Castro, of Port Hueneme, and 18-year-old passenger Gissell Mares, of Camarillo.
A 17-year-old female passenger from Ventura died after being transported to a local hospital.
Two 19-year-olds, Christina Cruz and Sonia Martinez, both of Oxnard, along with a 15-year-old male sustained minor to moderate injuries and are listed in stable condition, according to authorities.
"At this point, we still do not know what led the driver to leave the roadway and collide into the palm tree," said police Sgt. Ricardo Vazquez. "However, based on the evidence at the scene, we do believe that speed is a factor and we also believe that alcohol is involved."
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Aerial footage from the scene showed investigators examining a mangled SUV that apparently toppled the tree on the grassy median.