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Global oil prices swung sharply on March 9 after nearly touching $120 per barrel earlier in the session. Markets reacted to Trump's statement that the war would be ended soon.
Prices were still significantly above pre-conflict levels.
Large intraday swings in crude feed directly into diesel and fuel costs for feed transport and grain handling. Gasoline price pressure may also influence policy responses.
washingtonpost.comEvan HalperMar 9, 2026After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Prices swung sharply from nearly $120 as Trump said the war would end soon, matching the reversal that produced the drop.
