Oil challenges 120 overnight before tumbling back to near 100.

March 9, 2026

All eyes were on oil prices on Sunday evening as prices exploded through $100 level and climbed into the evening, tagging just shy of 120 before midnight. It was around that time when the G-7 leaders convened a phone meeting where they would work on combined Strategic Reserve Releases to help alleviate the pinch of the Straits of Hormuz inactivity getting oil out of the Persian Gulf. Saudi Arabia also redirected roughly 1.8 Mil barrels of crude oil production to their pipeline across the desert to the Red Sea.