The Economic Times

Crude oil market prices hike in a cruel surge: Oil markets stunned as prices climb $12 in 9 hours heres what sparked it

The crude oil market prices hike shocked global traders. WTI crude oil prices surged nearly $12 in nine hours, briefly crossing $92.50 per barrel. This is one of the fastest oil price spikes in recent years. Brent crude climbed near $86.47, while natural gas jumped above $3.23. Traders triggered a historic oil market short squeeze. Rising Middle East tensions, tight supply fears, and strong buying drove the surge. At the same time, The Bureau of Labor Statistics dropped a bombshell Friday morning. The U.S. economy shed 92,000 jobs in February 2026. Economists had forecast a gain of 50,000. That is a miss of 142,000 jobs in a single month.