The claim is accurately supported by real-time financial reporting. On March 9, 2026, West Texas Intermediate (WTI) crude oil saw an unprecedented $23 intraday swing. According to The Economic Times, prices peaked at $119.48 due to geopolitical tensions and supply disruptions in the Strait of Hormuz, but subsequently plummeted to a low of $96.45—dropping below the $100 mark—after news surfaced of a possible G7 coordinated oil reserve release.