In March 2026, the Israel-Iran conflict combined with the closure of the Strait of Hormuz caused WTI and Brent crude oil prices to surge to $119. Over the past 24 hours, oil prices have sharply corrected by 15-25%, followed by a slight rebound: WTI is at $93.80, up 7.51% for the day; Brent is at $93.04, up 4.13% for the day, with both in the $85-94 and $89-100 ranges respectively.

The main reasons for this correction are threefold: Trump's statement that "the war is basically over" eased market sentiment; the IEA approved the release of 400 million barrels of strategic petroleum reserves, the largest in history, significantly alleviating supply concerns; signals of the war winding down reduced demand and risk premiums in oil prices.

The sharp volatility in oil prices has brought cost pressures to industries such as stocks, toys, and aviation. The future trend of oil prices still depends on the Middle East geopolitical situation; escalation could push prices higher, while peace signals and reserve releases might deepen the correction. This has also become one of the most turbulent moments in the energy market in 2026. #伊朗在霍尔木兹海峡布设水雷 #原油价格回落