World Oil Prices Today: Jumped up to 7%!
Jakarta, Pintu News – Reporting from FX Street (12/3), West Texas Intermediate (WTI) Crude Oil prices pared part of their strong intraday gains towards the $94.75-$94.80 range on Thursday, although the decline appears limited amid concerns about supply disruptions.
The commodity, however, maintained its positive bias for the third consecutive day and is currently trading below $93.00, although it is still up over 6% for the day.
World Oil Price Today
Based on the TradingEconomics page, energy prices experienced significant gains today, March 12, 2026, with Crude Oil and Brent oil each registering sizable gains.
For Crude Oil, the current price stands at 93.284 USD per barrel, with a daily increase of 6.034 USD, or 6.92%. In the weekly period, the price of this crude oil has increased by 15.21%.
Meanwhile, Brent also spiked higher, trading at 98.648 USD per barrel, with a daily gain of 6.668 USD, which equates to 7.25%. For the week, Brent recorded a gain of 15.09%.
Both types of oil showed positive trends reflecting strong market movements this week.
Triggers for the Spike in World Oil Prices
As the war between the US and Israel against Iran continues with no sign of ending, reports of an alleged Iranian attack on an oil tanker in the northern Persian Gulf, near Iraq and Kuwait, further exacerbate concerns about supply disruptions from this major oil-producing region.
In addition, Iran has warned that no crude oil will pass through the Strait of Hormuz, a critical point of the shipping lane. This turned out to be the main factor that triggered a new surge in crude oil prices.
Trump Plans to Release 172 Million Barrels of Oil
Meanwhile, the International Energy Agency (IEA) announced that its 32 member states agreed to provide 400 million barrels of oil from their emergency reserves to the market. In addition, the Trump administration plans to release 172 million barrels from US emergency oil reserves as part of a coordinated effort to ease the surge in crude oil and gasoline prices amid the continuing war with Iran.
The move is meant to limit supply shocks and deter aggressive buyers from making big bets. Moreover, concerns about war-induced inflationary pressures remained supportive of further gains in US Treasury bond yields and helped the US Dollar (USD) to gain positive momentum for the third consecutive day. A stronger dollar further restricted the movement of USD-denominated traded commodities.
Nevertheless, such a supportive fundamental backdrop seems more favorable for bullish traders and suggests that the path of least resistance for crude oil prices is to the upside. Therefore, any corrective dips could be seen as buying opportunities and are more likely to remain limited, as the market focus remains on geopolitical developments.
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 . 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. WTI trims part of strong intraday gains; still up over 6% for the day above mid-$93.00s. Accessed on March 12, 2026
