U.S. oil prices plunged $15 per barrel in less than two hours after reports that G7 countries are considering releasing 400 million barrels from strategic reserves, triggering volatility across global markets and over $225 million in liquidations across crypto derivatives.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n The Kobeissi Letter said oil prices initially surged as much as 30%<\/a> earlier in the day before the news triggered a rapid reversal.<\/p>\n \u201cUS oil prices fall -$15\/barrel in under 2 hours, now trading below $104\/barrel, on reports that G7 countries are considering releasing 400 million barrels of crude oil reserves,\u201d The Kobeissi Letter wrote<\/a> in a post on X.<\/p>\n Earlier, the account noted that crude was attempting one of the biggest reversals in history, after the Financial Times reported<\/a> the potential coordinated reserve release.<\/p>\n BREAKING: US oil prices are currently attempting one of their biggest reversals in history.<\/p>\n At 10:30 PM ET, US oil prices were up as much as +30% on the day.<\/p>\n Then, FT reported that G7 countries are considering releasing 400 million barrels of crude oil from reserves.<\/p>\n Less than\u2026 pic.twitter.com\/G1uRHvkFxX<\/a><\/p>\n \u2014 The Kobeissi Letter (@KobeissiLetter) March 9, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n Within hours, oil prices had erased more than half of their gains for the day, falling toward the $100 per barrel level.<\/p>\n <\/p>\n The volatility spilled into digital asset markets, where leveraged traders faced liquidations<\/a>.<\/p>\n Liquidation data shows more than $225 million wiped out across crypto derivatives, with Bitcoin accounting for roughly $150 million and Ethereum about $75 million.<\/p>\n The majority of liquidations came from long positions, suggesting traders were caught off guard by the sudden macro shift. Altcoins such as Solana, XRP<\/a>, and Dogecoin also saw smaller liquidation clusters as volatility spread across the market.<\/p>\n Despite the broader macro turbulence, Bitcoin remained relatively stable.<\/p>\n On the 5-minute chart, Bitcoin briefly dipped toward $67,000 before recovering and trading near $67,500, suggesting limited immediate contagion from the oil market shock.<\/p>\n The muted reaction indicates crypto traders may be viewing the move primarily as a commodity-specific event rather than a broader risk-off signal<\/a>.<\/p>\n Still, sudden macro developments\u2014particularly those involving energy markets and geopolitical coordination\u2014often ripple into crypto through shifts in liquidity, leverage, and global risk sentiment.<\/p>\n For now, Bitcoin appears to be holding its range, even as traditional markets digest one of the sharpest oil price swings of the year.<\/p>\n <\/p><\/div>\n\n
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Crypto market sees liquidations spike<\/h2>\n
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<\/figure>\nBitcoin remains range-bound<\/h2>\n
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