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, which had surged sharply, then plummeted.

The three major U.S. stock indexes opened significantly lower that day, but the declines narrowed as oil prices retreated. In the late trading session, boosted by positive news, they surged sharply, and by the close, all three indexes had risen noticeably.

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’s military operations against Iran have been “very thorough,” 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 would 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 sharp reversal that day. After surging earlier, prices retraced gains during trading, then declined further and fell significantly.

The April delivery light crude oil futures on the New York Mercantile Exchange briefly rose to nearly $120 per barrel overnight, up more than 30% from the previous trading day. The May delivery London Brent crude oil futures also rose to nearly $120 per barrel, nearly 30% higher than the previous day.

By the close, the April delivery light crude oil 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 evening of the 9th, international oil prices continued to decline sharply.