Stocks Market
Oil Prices Spike Over 5% Amid Renewed Middle East Conflict
Crude oil benchmarks surged more than 5% on March 11, 2026, as renewed fighting in the Middle East and uncertainty over Iran’s conflict pushed markets higher. Brent recovered to about $92 a barrel and WTI to $89, while production cuts and a closed Strait of Hormuz tightened supply. Investors now look to today’s OPEC report for clues on whether the rally will continue.
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On Wednesday, March 11, 2026, crude oil markets rallied sharply, with benchmark prices jumping more than 5% as geopolitical tensions in the Middle East intensified.
Brent crude erased its earlier losses and settled around $92 per barrel, up 5% after a previous drop of roughly 11% in the prior session. In parallel, U.S. West Texas Intermediate (WTI) rebounded 6% to near $89 a barrel, reversing a 12% decline recorded the day before.
The market remains highly sensitive to the ongoing conflict with Iran. U.S. Secretary of Defense Pete Hegseth warned yesterday that the United States could be preparing for its “most intense day of strikes” in the region.
Production from major Middle‑Eastern exporters has been collectively cut by more than 6 million barrels per day, and the Strait of Hormuz remains effectively shut, tightening global supply.
Although a recent Wall Street Journal report suggested the International Energy Agency (IEA) was ready to launch the largest coordinated release of strategic oil reserves in history, the brief optimism failed to sustain price declines. The G7 expressed support for such a release but no concrete actions have been announced yet.
Investors now await the OPEC monthly report, due later today, which should shed light on the balance of supply and demand and indicate whether the recent price surge is likely to persist.