Oil futures surge 20% past $110 as war fears hammer Asian stocks, bitcoin steady near $67K

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Oil futures surge 20% past $110 as war fears hammer Asian stocks, bitcoin steady near $67K Nikkei drops more than 6%, and Kospi slides about 8% as traders price supply disruption risk, while prediction markets show strong odds of $120 crude. By Sam Reynolds , AI Boost Mar 9, 2026, 3:25 a.m. Make us preferred on Google What to know : Oil prices spiked above $110 a barrel, with West Texas Intermediate crude jumping about 17 percent in 24 hours as Middle East tensions raised fears of supply disruptions near the Strait of Hormuz. Asian stock markets tumbled on the energy shock, with Japan's Nikkei 225 falling more than 6 percent and South Korea's Kospi dropping about 8 percent, while major cryptocurrencies like bitcoin held steady around $67,000. Prediction and derivatives markets are split, with Polymarket pricing a high chance of crude reaching $120 by late March even as some traders bet on a pullback, and odds strongly favor the Federal Reserve keeping interest rates unchanged in March despite renewed inflation risks from higher oil. Oil futures surged above $110 a barrel Monday as escalating tensions in the Middle East rattled global markets, sending Asian stocks sharply lower, with all of the region's markets opening deep in the red, even as bitcoin held steady near $67,000. West Texas Intermediate crude jumped roughly 17% in 24 hours. Japan's Nikkei 225 fell more than 6% and South Korea's Kospi dropped about 8% as traders repriced energy costs across import-dependent economies. The rally centers on the risk that fighting could restrict oil flows near the Strait of Hormuz, the chokepoint through which roughly 20% of global crude supply passes daily. Prediction markets on Polymarket assign a 76% probability that crude reaches $120 by the end of March. Bitcoin traded around $67,000 with little sign of panic selling. Ether and solana posted modest gains, suggesting crypto markets have so far treated the spike as an energy-specific shock rather than a broad risk-off event. Not all traders are convinced the move has legs. Funding rates on oil perpetual futures turned negative on Hyperliquid, indicating significant positioning for a pullback even as spot prices climb. Markets still see little chance of an imminent rate cut. Contracts on Polymarket show a roughly 98% probability that the Federal Reserve leaves rates unchanged at its March 18 meeting, with only about a 12% chance of a 25-basis-point cut by the end of April. A sustained rally in crude would reinforce inflation pressures, something that the Fed would have to consider when setting rates. Oil West Texas Intermediate (WTI) Oil AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race By CoinDesk Research Feb 27, 2026 Commissioned by Pudgy Penguins CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. What to know : Disrupting a Stagnant Market : Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. 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