According to reports, as the market's concerns about the impact of the war in the Middle East were eased, international crude oil futures prices reversed sharply on the 9th, falling directly below the US$90/barrel mark, ushering in a sharp plunge.In early trading on March 9, international oil prices rose wildly. The price of April light crude oil futures on the New York Mercantile Exchange approached US$120 per barrel, an increase of more than 30%, setting a new high since 2022.
However, the gains were fleeting, and oil prices fell back quickly. As of the close, U.S. oil closed at US$94.77/barrel, and Brent oil closed at US$98.96/barrel. Although it still rose slightly, it had plunged sharply from the intraday high.
The decline in oil prices continued. WTI crude oil plunged at the opening, falling as much as 10% to as low as US$85.52/barrel. It was quoted at US$87.412/barrel, a decrease of 7.76%, falling steadily below US$90/barrel. Brent crude oil also fell sharply.
The core of this oil price reversal is the cooling of concerns about the geopolitical situation in the Middle East.
U.S. President Trump has signaled that the situation is easing, and ship traffic in the Strait of Hormuz has been restored, easing concerns about energy transportation.
The finance ministers of the Group of Seven nations also held a meeting, saying they would monitor the energy market and prepare to release inventories to ensure supply. Multiple news pushed oil prices sharply lower.
