India, March 10 -- Crude oil markets experienced unprecedented turbulence on March 9, 2026. West Texas Intermediate futures surged nearly 30 percent to an intraday high of $119.48. Prices then plunged more than 32 percent to touch $81.19 before recovering to settle at $94.77. This $38 intraday swing stands as one of the most dramatic reversals in crude trading history. Brent crude followed a similar path. It peaked near $119.50 before closing at $98.96, up 6.8 percent from Friday.

What Sparked the Morning Surge to Record Highs Traders reacted violently to mounting supply disruptions in the Persian Gulf. Tanker tracking data showed approximately 80 percent of normal oil transits through the Strait of Hormuz had ceased. This vital chokepoi...