Crude Oil Market Experiences Dramatic Fluctuations: Sharp Decline After Surge

On March 9, international oil prices experienced a rollercoaster-like trend, with WTI crude oil prices surging to a high of $119 per barrel at one point during the day. Immediately afterward, the G7 group announced it would utilize oil reserves to stabilize international market fluctuations; at the same time, France officially reported that it would dispatch an aircraft carrier and frigates to the Strait of Hormuz for escort missions. As a result of this series of news, crude oil prices subsequently plummeted. As of noon Eastern Time on March 9, WTI crude oil prices had fallen back to $95.