Oil prices sharply fall below $100, gold makes a deep V-shaped rebound

MaticHoleFiller · 2026-03-17T09:36:46+00:00

On March 16, international oil prices declined in the short term, with WTI crude oil falling to $97.95 per barrel and Brent crude oil breaking below $100. Spot gold rebounded to $5,020. Iran and France's president held a call to discuss the Middle East situation, and Japan plans to release 80 million barrels of oil to ease oil prices. Industry experts point out that oil price outlook is constrained by Middle East developments and U.S. policy.

MaticHoleFiller

2026-03-17 09:36:46

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Reporter | Jiang Peixia, Wu Bin, Intern Reporter Lin Qianwei

Editor | Xie Zhen

On the morning of March 16, international oil prices dropped sharply, with both crude oil and Brent briefly falling below $100 per barrel. WTI crude oil fell 1.34% intraday to $97.95 per barrel. Brent crude broke below $100 per barrel, dropping 0.92% during the day, with the decline narrowing at the time of publication.

In precious metals, spot gold and silver continued to fluctuate. As of the latest update, spot gold rebounded sharply, rising above $5,020, after previously plunging below $5,000. Spot silver increased by 0.81% to $81 per ounce.

On the news front, the latest reports from the Strait of Hormuz indicate that, according to Xinhua News Agency, the presidents of Iran and France have spoken again about the Middle East situation. Iranian President Ebrahim Raisi and French President Emmanuel Macron held a phone call on the 15th, a week after their previous discussion, emphasizing that insecurity and instability in the Middle East stem from hostile actions by Israel and the United States. Macron called for the resumption of navigation through the Strait of Hormuz.

According to Xinhua News Agency, the Japanese government plans to release oil reserves starting March 16 to ease the recent surge in oil prices caused by tensions in the Middle East. The total release will be about 80 million barrels, equivalent to Japan’s oil supply for 45 days, marking the largest release since Japan established its national oil reserve system in 1978.

Industry insiders told 21st Century Business Herald that the true determinant of oil price prospects depends on whether Trump will back down again (TACO). Only when conflicts end, oil-producing countries restore production capacity, and navigation through the Strait of Hormuz resumes can the oil market fully stabilize. As the mid-term elections approach at year’s end, the economic costs and political risks of prolonged conflict are issues he must consider. Exiting a conflict that seems unlikely to be quickly resolved (stop-loss) may just be a matter of time. 【See more→】

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