“Oil Markets in Turmoil: The Wild 24-Hour Price Surge of 2016”

On March 9, 2016, oil markets experienced a dramatic 24-hour period marked by significant volatility. Initially, prices surged by 31% amid concerns over potential conflict with Iran. However, this sharp increase was followed by an after-hours retreat. By the end of the trading day, U.S. benchmark crude had settled at $94.77 per barrel, reflecting a 4.3% gain.