On March 9, 2026, front-month WTI crude oil futures traded in a range of about $38 a barrel in a single session — from a high near $119 to a low near $81 — the widest daily range in the history of the contract. The move came ten days into the US-Israel war with Iran, as the market tried to price an effective closure of the Strait of Hormuz.
What Happened
WTI had already risen more than 35% in the week to Friday, March 6, to around $91 — its biggest weekly gain since NYMEX crude futures began trading in 1983. When electronic trading reopened on Sunday evening, the April contract gapped sharply higher after strikes on energy infrastructure near Tehran and as tanker traffic through the strait stalled. According to CME Group, April WTI climbed to a high of about $119, then reversed to a low of about $81 — a range of roughly $38. The EIA's Cushing WTI spot price for the day was $94.65, up from $90.77 on March 6. Brent touched about $119.50 at its peak.
The reversal was driven by two things. First, G7 finance ministers met on March 9 to discuss a coordinated release of emergency oil stocks; they did not reach agreement that day (France's finance minister said the group was "not there yet"), but the prospect of a release weighed on prices. Second, President Trump said the war might be nearing its end, that the US was considering taking control of the Strait of Hormuz and having the Navy escort tankers, and that oil-related sanctions could be waived. On March 10 WTI fell below $86; the Cushing spot price that day was $83.71.
How It Compares With Past Records
Before 2026, the largest daily "true range" for front-month WTI was about $23 a barrel, set — coincidentally — on March 9, 2022, shortly after Russia's invasion of Ukraine. Other famous episodes were extreme in percentage rather than dollar terms: the 1990 Gulf War price spike unfolded over weeks, the 2008 collapse from $145 to the $30s took about five months, and on April 20, 2020 the expiring May WTI contract settled at minus $37.63 as storage at Cushing filled.
The volatility did not end with one day. CME Group reported that realized volatility — the average size of daily price changes — averaged $6.19 a barrel in April 2026, above the previous monthly record of $6.15.
Why WTI Moved So Much
- A genuine supply shock: about 20 million b/d of oil normally passes through Hormuz, and only a fraction can be rerouted by pipeline.
- Headline risk in both directions: the same session carried news that pointed to escalation and to a quick end of the war.
- Thin overnight liquidity: the biggest gap occurred in Sunday-evening electronic trading, before US and European participants were fully active.
- Leverage: futures positions are margined, so large moves force traders to add collateral or cut positions, which can accelerate swings. See the WTI contract specifications and the futures P&L calculator for how much a $1 move is worth per contract.
What Came Next
IEA member countries later agreed the largest coordinated stock release in the agency's history, 400 million barrels. Prices kept swinging on war headlines through the spring and summer — see our coverage of the supply shock in May and the Hormuz risk premium explainer. For the full long-run picture, see the WTI price history.
Sources
- CME Group OpenMarkets — What history reveals about today's crude oil volatility
- CNBC — Oil prices decline after nearly hitting $120 as Trump says U.S. considering taking over Strait of Hormuz
- Euronews — G7 'not there yet' on releasing oil reserves (March 9, 2026)
- Trading Economics — Crude oil falls back below $90
- EIA — Cushing, OK WTI spot price (daily)