Crude Oil Falls Back Below $90

2026-03-09 19:40 By Anna Fedec 1 min. read

WTI crude futures fell nearly 4% to $87 per barrel in late afternoon, erasing earlier 20% gains after G7 finance ministers said the group “stands ready” to release oil from strategic reserves if needed.

Adding to the shift in momentum, President Trump insisted the war with Iran would be brief, suggesting a major U.S.

economic response would be unnecessary.

He is scheduled to hold a news conference later Monday.

Oil had risen as high as $120 per barrel earlier in the session, 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.



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