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Commodity News Details
Oil rebounds above $84 after historic selloff shakes markets
11-Mar-2026 12:56
WTI crude futures rebounded above $84 per barrel on Wednesday after tumbling nearly 12% in the previous session, marking the steepest single-day drop in four years amid reports that the International Energy Agency could release record emergency reserves to cool the rally triggered by the US-Iran war. Both Brent and WTI had fallen sharply as G7 nations explored measures to stabilize energy markets and ease global fuel costs. Earlier in the week, oil prices briefly approached $120 after Brent surged nearly 50% since January following the closure of the Strait of Hormuz, a key route that carries about one-fifth of global oil flows. Prices later retreated after US President Donald Trump suggested the conflict could end soon, tempering supply fears. Meanwhile, on the domestic front, MCX March crude futures jumped more than 4% to Rs 7,719 per barrel, outpacing the rebound seen in global benchmarks.

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