Crude Oil Prices Pare Some Gains

2026-03-09 15:54 By Joana Taborda 1 min. read

WTI crude futures moved back below $100 per barrel on Monday after surging as much as 29% to nearly $120 at the open, the highest level since 2022, as major Middle Eastern producers began cutting output following disruptions in the Strait of Hormuz.

With tanker traffic heavily restricted, several key producers including Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq, have started curbing production as storage facilities fill rapidly.

The supply disruption has intensified concerns about global energy shortages and rising inflation.

However, prices later eased after G7 finance ministers said the group “stands ready” to release oil from strategic reserves if needed.

Last week, crude oil surged around 35%, marking the largest weekly increase in futures trading since records began in 1983.

The last time prices rose above $100 per barrel was following Russia’s invasion of Ukraine in 2022.



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