Crude oil prices surged more than 13% at the start of the week’s trading in the European session on Monday, March 9th, after rising more than 30% at the opening of Asian markets. This surge is on track for the largest single-day gain since futures trading began in 1988, fueled by the ongoing conflict in the Middle East, production cuts by some producers, and disruptions to shipping through the Strait of Hormuz. US crude (WTI) is up approximately 7.43%, trading at $72.00 a barrel, while Brent crude is trading at $78.47 a barrel, up about 7.73%.

Later today, G7 finance ministers are expected to discuss the possibility of a joint release of strategic petroleum reserves, which could lead to a decline in crude prices after US crude tested $120 a barrel for the first time since June 2022.