Oil Prices Surged Nearly 17% on March 9, 2026

Jakarta, Pintu News – The ongoing war between the US-Israel and Iran began to pressure global markets after the closure of the Strait of Hormuz triggered a historic oil crisis. Crude oil prices jumped 17% to nearly $110 (Rp1,865,270). The impact of this surge prompted senior strategist Ed Yardeni to raise his estimate of the chance of a US stock market crash to 35%.

Meanwhile, Bitcoin has shown resilience, remaining at around $67K (Rp1,136,119,000) despite rising geopolitical tensions.

Strait of Hormuz closure triggers historic oil crisis

According to Coinpedia (9/3), crude oil prices jumped 17% in a day to reach their highest level since July 2022 as tensions in the Middle East escalated. The rise follows a series of military escalations involving the US, Israel and Iran, sparking fears of a large-scale supply shock.

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

At the same time, oil supplies in the region are weakening. Iranian drone attacks reportedly forced Saudi Aramco to halt operations at its Ras Tanura refinery. Iraqi oil production also fell sharply, while Kuwait Petroleum Corporation reduced shipments.

On the other hand, the United Arab Emirates adjusted offshore production to cope with limited storage capacity, while Bahrain partially halted shipments after a fire at a refinery.

These back-to-back supply disruptions pushed global oil prices up significantly.

Chance of US Market Crash Rises to 35%

As the closure of the Strait of Hormuz exacerbates the oil crisis, analysts assess macroeconomic risks. Senior market strategist Ed Yardeni raised his estimate of the probability of a US stock market crash to 35%, up from 20% at the start of the year.

At the same time, he cut the chances of a strong crypto market rally to just 5%.

According to Yardeni, the US economy is facing two simultaneous pressures: inflation driven by rising oil prices and slowing growth. This combination has the potential to pressure both stocks and cryptocurrencies.

Signals of increased risk were also reflected in Asian markets: Japan’s Nikkei 225 index fell by more than 6%, while South Korea’s Kospi fell by almost 8%.

Meanwhile, market participants posting positions at Polymarket estimate a 72% chance that oil prices could touch $120 (IDR2,034,840) by the end of March.

Bitcoin and major cryptos remain stable despite market volatility

Amidst the market chaos, Bitcoin price has remained relatively stable at around $67,278 (Rp1,141,494,846) and is up about 1% in the last 24 hours.

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

Bitcoin often goes down with stocks during major “risk-off” waves, even though it is often positioned as a hedge asset. However, analysts warn that if the closure of the Strait of Hormuz triggers a historic oil crisis of long duration, the crypto market could face pressure, and Bitcoin could potentially correct towards the $60K (Rp1,017,420,000) level.

A number of other major cryptocurrencies also recorded slight gains. Ethereum rose to around $2,007 (IDR 34,033,599), XRP moved to $1.35 (IDR 22,891,950), Solana strengthened to $84 (IDR 1,424,388), and Dogecoin rose to around $0.091 (IDR 1,542,087).

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:

• Coinpedia. Strait of Hormuz Crisis Sends Oil Price to $110 While Bitcoin Price Holds Near $67K. Accessed on March 9, 2026