WTI crude oil futures fall below $91 per barrel, down 8.32% intraday.

WTI crude oil futures fell below $91 per barrel on March 23, 2026, marking an intraday decline of 8.32% as geopolitical tensions in the Middle East and shifting market dynamics reshaped energy trade flows. The sharp drop followed a brief surge near $100 per barrel earlier in the week, driven by fears of supply disruptions in the Strait of Hormuz, a critical shipping route for 20% of global oil trade. However, easing concerns emerged after Iraq secured a deal to resume oil exports through Turkey’s Ceyhan port, reducing pressure on the contested waterway.

Market sentiment further shifted following comments from U.S. President Donald Trump, who urged allied nations to take greater responsibility for securing the Strait of Hormuz, questioning the U.S. role in protecting a route primarily serving Asian importers. This prompted traders to unwind positions taken during earlier volatility, accelerating the price correction. Meanwhile, Iran’s conditional allowance of safe passage for select vessels and its recent attacks on regional energy infrastructure added complexity to the outlook.

The selloff rippled across financial markets, with U.S. equities extending losses and gold prices retreating amid reduced risk premiums. Asian markets traded mixed, while European indices posted modest gains despite ongoing tensions. Analysts caution that while near-term supply fears have abated, the oil market remains vulnerable to sudden shifts in geopolitical developments, regulatory actions, or changes in central bank policy. For now, traders are closely monitoring shipping corridor stability, regional conflict escalations, and global demand signals to gauge the next directional move in crude prices.

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Trading Economics (Oil Drops as Supply Concerns Ease)