WTI Crude Hits Record 35% Weekly Gain Amid Middle East Tensions
WTI crude surged 12% on Friday, reaching $100 on Monday, driven by Middle East supply disruptions and increased energy market activity.
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Fact Check
The statement is fully corroborated by primary financial news outlets including The Wall Street Journal, CNBC, and Reuters. These sources confirm the 12% surge on Friday, March 6, the record 35% weekly gain, and the price crossing $100 on Monday, March 9, 2026, all attributed to Middle East tensions and the closure of the Strait of Hormuz.
Summary
WTI crude surged by 12% on Friday, marking a record 35% weekly gain, topping $100 per barrel on Monday amid heightened tensions in the Middle East. The CME reported over 8 million energy contracts traded, while gas volatility reached its highest level since 2023, reflecting significant market disruption due to geopolitical concerns.
Terms & Concepts
- CME: The Chicago Mercantile Exchange, a major global derivatives and futures trading platform, where large volumes of energy contracts are traded.
- WTI Crude: West Texas Intermediate crude oil, a benchmark for U.S. oil prices, which reflects the quality and price of crude extracted from U.S. oil fields.