WTI Crude Oil Prices Surge 3.66% to $97.87

West Texas Intermediate (WTI) crude oil prices rose on April 9, 2026, as geopolitical tensions resurfaced following claims from Iran that the United States violated a recently established ceasefire.

According to reporting from EFE, WTI crude increased by 3.66% on April 9, reaching 97.87 dollars per barrel. Data from Business Insider listed the price slightly higher at 98.72 dollars per barrel on the same date.

The upward price movement followed reports that Iran accused the United States of breaking the ceasefire agreement, leading to renewed volatility in the energy markets. This development caused U.S. Stock futures to edge lower, with Dow futures declining by 42 points.

Market Volatility and the April 8 Relief Rally

The price increase on April 9 follows a period of extreme fluctuations. On April 8, 2026, the announcement of a ceasefire between the U.S. And Iran triggered a major relief rally in global markets. Business Insider reported that oil prices experienced their most significant plunge since 2020 on that day, while the Dow Jones Industrial Average rose by 1,200 points.

Market commentators characterized the ceasefire deal as fragile, warning that the potential for further volatility remained high. While the ceasefire initially calmed investors, subsequent reports of shipping disruptions and accusations of treaty violations quickly erased some of those gains.

Escalation and Military Action

The instability in April 2026 was preceded by a sharp escalation in the conflict. On April 6, 2026, WTI crude futures surged past 115 dollars per barrel, while Brent crude futures increased by 1.6% to reach 110.74 dollars per barrel.

This surge occurred after U.S. President Donald Trump issued warnings via social media, stating his intention to bring hell upon Iran. On April 7, 2026, the United States launched strikes on Kharg Island, a critical Iranian oil hub, shortly before a peace deal deadline set by the U.S. President.

Experts have noted that Kharg Island plays a vital role in the global oil trade, and the attack on the hub intensified concerns over a prolonged supply shock.

Global Energy Crisis and Supply Disruptions

The ongoing conflict has caused significant disruption to shipping in the Middle East, particularly within the Strait of Hormuz. Reports indicate the waterway remains largely shut, with only a limited number of vessels permitted to pass through.

This disruption has evolved into what Bloomberg described as a global energy crisis. The unprecedented supply shock has fueled inflation, weakened global economic growth, and increased financial pressure on both consumers and businesses.

In response to the crisis, eight members of the Organization of the Petroleum Exporting Countries (OPEC) have agreed to increase oil production. However, this increase is conditional upon the reopening of the Strait of Hormuz.

Despite the temporary ceasefire on April 8, shipping activity in the region remains limited. Business Insider reported that movements are currently dominated by smaller, risk-tolerant operators, while large global shipping firms and major oil companies have remained absent from the waterway.