World Oil Prices Today, March 9, 2026: Jumping Sharply?

Jakarta, Pintu News – Markets experienced a spike in volatility at the opening of the week, as investors assessed the latest developments related to the crisis in the Middle East. On Monday, March 9, 2026, the economic calendar will not feature any high-impact data releases, so risk sentiment and geopolitical headlines are expected to remain the main drivers of market movements.

Gulf Oil Production and Logistics Disruptions

Over the weekend, Iranian President Masoud Pezeshkian extended an apology to neighboring countries for the attacks launched in the wake of the US-Israeli offensive. He also stated Tehran would not carry out attacks “unless they attack first.”

Read also: Gold Price Prediction Ahead of FOMC Meeting on March 18, 2026, Good Time to Buy Gold?

Meanwhile, the United Arab Emirates, Kuwait, and Iraq decided to reduce oil production citing Iran’s threat to shipping security through the Strait of Hormuz. As tankers were reluctant to pass through, oil producers in the region began to lack storage capacity and chose to hold back production.

World Oil Price Movement and Leader’s Statement

Crude oil prices surged at the opening of trading earlier in the week. West Texas Intermediate (WTI) oil briefly reached its highest level since June 2022, breaking $110 (IDR 1,865,270) assuming $1 (IDR 16,957), while Brent rose above $114 (IDR 1,933,098).

In the Asian session, news that the International Energy Agency (IEA) was considering a coordinated release of emergency oil reserves among G7 member states to stabilize the market prompted a price correction. At the time of writing, Brent is trading at around $105 (Rp1,780,485), up around 15% on the day, while WTI is up 13% at around $100 (Rp1,695,700).

US President Donald Trump wrote on Truth Social that the short-term increase in oil prices is a “very small price” to pay for destroying Iran’s nuclear threat.

Iranian Political Dynamics and Regional Military Escalation

Iran is said to have appointed Mojtaba Khamenei, Ali Khamenei’s son, as the next successor to the supreme leader. Fox News reported that President Trump was “not happy” with the appointment.

The Israeli military stated on Monday morning that it began a new wave of strikes in central Iran and also targeted Hezbollah infrastructure in Beirut. Iran also reportedly continued attacks, with some media outlets citing the interception of drones heading towards US diplomatic facilities near Baghdad International Airport as well as the Al Jawf region in northern Saudi Arabia. In addition, there were reports of thick smoke seen from the direction of the Bapco oil refinery in Bahrain.

Read also: Silver Ring Price Per Gram, March 9, 2026

CVXON: Tokenization of Oil Company Shares

As blockchain technology develops, assets that were previously associated with traditional commodity markets are now starting to appear in digital format, including assets related to the energy sector and oil prices.

One relevant example in this context is Chevron (CVXON). As a global energy company, Chevron’s business activities span the entire value chain of the oil and gas industry, from upstream exploration and production to refining, distribution, marketing, transportation, petrochemicals and power development.

In the blockchain ecosystem, exposure to Chevron is now also available through CVXON (Chevron Tokenized Stock), a tokenized digital representation of Chevron Corporation shares issued by Ondo Finance. Through this asset, investors, especially outside the United States, can gain access to Chevron’s stock price movements.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• FX Street. Forex Today: Oil prices surge and USD rises as Middle East crisis deepens. Accessed on March 9, 2026