International oil prices rollercoaster, financial markets show signs of reversal

Xinhua News Agency Reporter Liu Yanan

Due to easing concerns over Middle East military conflicts, the U.S. stock market in New York and international crude oil futures prices experienced dramatic reversals on the 9th. The U.S. stock market shifted from significant declines to notable gains, while international oil prices reversed from sharp increases to sharp drops.

The three major U.S. stock indexes opened significantly lower but narrowed their declines as oil prices retreated. In the late trading session, boosted by positive news, they surged sharply, with all three indexes closing higher.

In the morning, the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite fell by as much as 1.87%, 1.54%, and 1.45%, respectively.

By the close, the Dow Jones Industrial Average rose by 239.25 points to 47,740.8, a gain of 0.50%; the S&P 500 increased by 55.97 points to 6,795.99, up 0.83%; and the Nasdaq Composite gained 308.267 points to 22,695.95, up 1.38%.

On the 9th, U.S. President Donald Trump told CBS News that the U.S. and Israel have conducted a “very thorough” campaign against Iran, implying that the conflict with Iran might end soon.

Trump also said that ships are currently passing through the Strait of Hormuz, but he is still considering “controlling” this vital waterway.

G7 finance ministers held an online meeting on the 9th to discuss the current Middle East situation. In a statement afterward, they said they will continue monitoring energy market changes and are prepared to take necessary measures, including releasing reserves to support global energy supplies.

International oil prices experienced a significant reversal that day. After rising sharply earlier, prices retraced gains during trading, then declined further and fell notably.

The April delivery light sweet crude futures on the New York Mercantile Exchange briefly surged to nearly $120 per barrel overnight, an increase of over 30% from the previous trading day. The May delivery London Brent crude futures also rose to nearly $120 per barrel, up close to 30% from the previous day.

By the close, the April delivery light sweet crude futures on NYMEX increased by $3.87 to $94.77 per barrel, a gain of 4.26%; the May delivery Brent crude futures rose by $6.27 to $98.96 per barrel, up 6.76%. After the next trading day opened following the U.S. Eastern Time on the evening of the 9th, international oil prices continued to decline sharply.