If you opened the Gate App on the morning of April 9, you might have noticed that WTI crude oil was trading around $97 per barrel, with Brent crude hovering near $97 as well. On the surface, everything seemed calm. However, just 24 hours earlier, the crude oil market had experienced a dramatic rollercoaster—WTI crude plunged more than 19% in a single session, marking its steepest one-day drop in nearly six years. After a surge came a sharp decline, followed by a rapid rebound. Such intense volatility created the most active trading window for Gate TradFi’s perpetual crude oil contracts.
Crude Oil Market Recap: A Ceasefire Agreement Triggered a Wild Swing
To grasp the intensity of this market movement, let’s look at the timeline:
- Around April 2: Expectations of escalating military conflict between the US, Israel, and Iran fueled market fears of a prolonged closure of the Strait of Hormuz, sending oil prices soaring. WTI crude futures surged over $15 per barrel in a short period. Brent spot prices even broke through the $140 per barrel mark, reaching their highest level since the 2008 financial crisis.
- April 8: Trump announced a "two-week ceasefire agreement" with Iran, raising hopes that the Strait of Hormuz would reopen. The geopolitical risk premium quickly unwound, and oil prices plunged—WTI crude futures dropped to $91.05, down nearly 19%, the largest single-day decline since April 2020. Brent crude also fell more than 16% intraday.
- April 9, market open: As the market reassessed uncertainties in the Middle East, news broke that the Strait of Hormuz had closed again, sparking a swift rebound. WTI crude rose 2.82% to $97.07 per barrel, while ICE Brent climbed 2.54% to $97.16 per barrel.
Why Did Oil Prices Swing So Wildly? Geopolitics Is the Key Driver
The root cause of this extreme volatility lies in the rapidly shifting geopolitical landscape in the Middle East.
During the surge: After the US-Israel-Iran military conflict erupted in late February, the Strait of Hormuz remained closed. This crucial waterway handles about 20% of the world’s seaborne crude oil shipments. Its closure triggered market fears of a supply disruption. Tensions escalated further after Trump’s speech on April 1, prompting panic buying and driving oil prices sharply higher.
During the plunge: On April 8, Trump’s sudden announcement of a ceasefire agreement raised expectations that the Strait of Hormuz would reopen. The risk premium that had been fully priced in was quickly unwound, causing oil prices to tumble.
Current standoff: The ceasefire agreement has yet to take effect. Iran’s parliamentary speaker stated that negotiations have not begun and that terms of the agreement have already been breached. On the morning of April 9, news emerged that the Strait of Hormuz had closed once again. With supply uncertainty unresolved, oil prices have found key support around $90, while the $100 level remains a major resistance point.
Gate TradFi: Trade Crude Oil Directly with USDT
For crypto users, traditional crude oil trading channels come with high barriers—you’d need to open an overseas futures account, complete complex W-8BEN forms, convert fiat to US dollars, and transfer funds internationally, a process that can easily take over a week.
Gate TradFi breaks down these barriers entirely. Simply transfer USDT from your main account to your TradFi sub-account, and the system will automatically value it 1:1 as USDx. There’s no need to sell USDT or convert to fiat. From deciding to trade to opening a position, the whole process takes less than a minute.
Currently, Gate TradFi offers the following crude oil trading products:
- WTI Crude Oil (XTIUSDT Perpetual Contract): Reflects supply and demand in the US market and is more sensitive to North American inventory changes.
- Brent Crude Oil (XBRUSDT Perpetual Contract): Serves as the global benchmark for about two-thirds of oil pricing and is more sensitive to Middle East developments.
24/7 Continuous Trading: Beyond the Limits of Traditional Markets
Traditional WTI crude oil futures on CME Group trade from 6:00 to 5:00 the next day (Beijing time), Monday through Friday, with markets closed on weekends and holidays. Yet, geopolitical events don’t follow a trading schedule—a ceasefire announcement or conflict statement can easily break over a weekend.
Gate’s perpetual crude oil contracts offer 24/7 continuous trading, settled in USDT. Whether it’s the weekend, late at night, or early morning, you can open or close positions whenever you anticipate a market move. The market never sleeps, and neither does your trading.
Market Depth and Leverage Options
The recent surge in oil price volatility has driven explosive growth in Gate’s crude oil contract trading volume. Data shows that Gate’s WTI crude oil 24-hour contract volume reached $49.412 million, up 189.71%. Brent crude oil contracts hit $37.4179 million, a 196.37% increase. Both products ranked first in trading volume across all exchanges.
On the leverage front, Gate offers a wide range of options from 5x to 100x, allowing you to choose flexibly based on your risk tolerance. At current oil prices, 100x leverage means you can gain significant notional exposure with only a small margin deposit.
Risk Reminder: Exercise Extra Caution in High-Volatility Markets
The crude oil market is currently rebalancing between "risk premium unwind" and "delayed supply recovery." After the US-Iran talks conclude on April 24, oil prices will face a new wave of uncertainty. If you’re trading in this environment, keep these three points in mind:
- Manage your positions: Avoid concentrating too much capital in a single direction during volatile markets; allocate funds wisely.
- Set stop-losses: Sudden news can instantly shift market trends, so strict risk management is essential.
- Use leverage wisely: Gate offers multiple leverage options; consider lowering your leverage when volatility spikes.
Conclusion
Since April 2026, the crude oil market has seen a wild ride from surges to crashes and rapid rebounds, all driven by fast-changing US-Iran geopolitical developments. The status of the Strait of Hormuz and the outcome of the April 24 Islamabad talks will continue to steer oil prices.
For crypto users, Gate TradFi’s perpetual crude oil contracts provide a new gateway to traditional financial assets—no complex fiat conversions or overseas account setups required. You can participate in the global crude oil market directly with USDT. The 24/7 continuous trading model ensures you never miss a market move triggered by geopolitical events. Whether you’re a trend follower or a short-term trader, Gate TradFi empowers you to seize every opportunity in the crude oil market.
