Daily Market Report – March 9, 2026

Oil Market – March 9, 2026, 1:00 PM ET

The oil market dominated today's market activity. The North Sea variety Brent briefly surged to nearly 120 dollars per barrel, as the escalation between the USA, Israel, and Iran significantly impacted shipping in the Persian Gulf, raising concerns about potential supply disruptions.

Additional movement was caused by a new statement from US President Donald Trump, who referred to the sharp price increase as "a very small price for peace and security," while also indicating measures to stabilize the energy market.

Throughout the day, prices gave back some of their gains and settled slightly above 100 dollars per barrel – a level that currently reflects the geopolitical risk premium in the oil market. The price of oil is determined by the duration of the war in the Middle East - and thus by Donald Trump.