The post WTI sees sharp spike as Middle East tensions continue to sizzle appeared on BitcoinEthereumNews.com.

West Texas Intermediate (WTI) Crude Oil gained about 5% on Monday, but the headline figure disguised a wild session. Prices gapped open sharply during Asia’s early market session, well above Friday’s close and surging past $110.00 to print a high above $113.00, testing the highest barrel bids since 2022. Crude Oil markets have pulled all the way back below $95.00, and the resulting daily candle carries a massive upper wick, signaling heavy profit-taking after the overnight spike. Despite the reversal, Crude Oil is still holding above last week’s close, which capped the largest weekly gain in WTI futures history at roughly 36%. The Strait of Hormuz has been effectively shut since March 2, when the Islamic Revolutionary Guard Corps (IRGC) confirmed the closure and warned that any vessel attempting to pass would be targeted. The blockade, triggered by joint US-Israeli strikes on Iran beginning February 28, has halted the transit of roughly 20% of global daily oil supply. Iraq has already cut around 1.5 million barrels per day as onshore storage fills up, Kuwait has reduced output, and Saudi Arabia began its own production cuts on Monday. Goldman Sachs has warned that if the disruption extends beyond 30 days, crude could reach $140.00 to $150.00 per barrel. US President Donald Trump has ruled out negotiating with Iran and said the US Navy will begin escorting tankers through the strait. On the data front, the Bureau of Labor Statistics (BLS) releases the US February Consumer Price Index (CPI) data on Wednesday. January headline CPI last came in at 2.4% year-over-year, and the sharp run-up in energy costs since late February is likely to filter through into coming prints. Weekly Energy Information Administration (EIA) crude inventory data, also due Wednesday, last showed a build of 3.5 million barrels in the prior report.…

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Filed under: News - @ March 9, 2026 5:26 pm