Crude Oil's Dramatic Day: Why Prices Hit $119 Then Fell 6%

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Crude Oil Surges to $119, Then Plunges 10% Amid Mideast Tensions & De-escalation Hopes

March 9, 2020 — Saudi-Russia Oil Price WarMove: Around 30% intraday crashAfter negotiations between Saudi Arabia and Russia collapsed, Saudi Arabia announced plans to flood the market with oil. Brent crude plunged from about $45 to near $31 per barrel. The move triggered one of the biggest one-day commodity crashes since the Gulf War. The event marked the beginning of the 2020 oil market collapse.

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News18•10-03-2026, 10:08

Crude Oil Surges to $119, Then Plunges 10% Amid Mideast Tensions & De-escalation Hopes

•Brent Crude surged to nearly $119 per barrel on March 9 due to fears of supply disruptions from escalating Iran-Israel-US conflict and potential Strait of Hormuz blockage.
•Prices sharply reversed on March 10, with Brent crude falling over 10% after Donald Trump suggested conflict de-escalation, easing supply fears.
•This marked one of the biggest intraday crude oil price moves in history, highlighting extreme market volatility.
•Historically, oil markets have seen dramatic swings, including the 2020 COVID-19 crash where WTI turned negative, and the 2022 Russia-Ukraine war surge.

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