CRUDE WRAP: WTI (J6) SETTLES USD 3.87 HIGHER AT 94.77/BBL; BRENT (K6) SETTLES USD 6.27 HIGHER AT 98.96/BBL

Reaction details (18:05)

Analysis details (18:34)

The crude complex ended the day with gains, albeit well off peaks, in what was a quite mental day for the energy space.

Given the weekend escalations in the Middle East war, and the continued closure of the Strait of Hormuz, WTI and Brent gapped higher at the open to eventually reach peaks of USD 119.48/bbl and USD 119.50/bbl, respectively, a mere 30% climb from Friday's close. However, given the concerns arising from the surging oil prices, oil reversed a decent chunk of the gains as FT reported that the G7 is to discuss a joint release of emergency oil reserves in an emergency meeting on Monday, with a source suggesting a joint release in the range of 300-400mln barrels, 25-30% of the IEA's reserves, would be appropriate. Following the meeting between EIA/G-7, French finance minister said strategic oil reserves are ready to use to stabilise oil market, but G7 not there yet, while Japan finance minister remarked that G7 finance ministers would push relevant ministers to release emergency reserves, and agreed they'll closely monitor energy markets and take necessary action. Later reports echoed the earlier ones, that the US believes a joint release of 300-400mln bbls is appropriate, with G7 energy ministers holding further talks on Tuesday. Adding to the reversal in oil prices, was WaPo stating a few senior officials in Israel are starting to voice concern about the escalating, open-ended attack on Iran, suggesting possible exit ramps that might halt the war before it further damages the region and the global economy.

From the US side of things, and aiding some of the paring, were a couple of reports: 1) Trump saying there is no reason to panic over Iran war oil-price surge, and says 'I have a plan for everything', NYP reports; 2) Trump to reportedly review options to combat spike in oil prices as soon as Monday; options under discussion with the G7 and US agencies include releasing strategic reserves, limiting exports, intervening in futures, waiving taxes, and easing the Jones Act. 

Overall, WTI and Brent still closed with gains, but way off aforementioned peaks, with the days range being c. USD 26/bbl for WTI and USD 22/bbl for Brent. Ahead, all attention remains on the Middle East war and further developments and measures to combat the surging oil prices, as at the moment, a de-escalation doesn't seem close.

09 Mar 2026 - 18:34- ForexGeopolitical- Source: Newsquawk