West Texas Intermediate (WTI) also spiked above US$119.48 per barrel, up from about US$70 before the war began on 28 February, then dropped in tandem. BNN Bloomberg reports that on Tuesday both Brent and WTI fell about 15 percent – to US$84.73 and US$80.31 respectively – after US President Donald Trump predicted the war with Iran could end soon, which traders read as limiting supply disruption. Reuters said that by early Wednesday, WTI had rebounded 3.5 percent to US$86.33 after an 11 percent plunge the day before, while Brent traded in the high US$80s. Another Reuters report said oil eased again after the Wall Street Journal reported the International Energy Agency had proposed the largest release of reserves in its history. CBC News reports that the conflict has already created “the largest oil supply shock ever,” citing Cornell University historian Nicholas Mulder, who estimates Gulf producers are shutting in “roughly three to four times as many barrels of oil” as during the 1973 and 1979 crises.

Source: CBC News March 11, 2026 18:31 UTC