Peter McGuire, CEO of Trading.com Australia, warned that the rapid surge in oil prices and extreme market volatility signal deep concerns over global energy supply disruptions.
BY PC Bureau
March 9, 2026: Warning that the pace of the recent oil rally is “dramatic”, Peter McGuire, chief executive of Trading.com Australia, said the speed and volatility of price movements reflect deep anxiety in global energy markets as tensions escalate in the Middle East. Speaking to Al Jazeera, McGuire noted that crude oil had been trading between $75 and $80 per barrel as recently as Thursday before suddenly surging to $90 and then spiking to as high as $116 during Asian trading on Monday.
Although prices later eased to around $106, he said the magnitude of the swings within such short periods was extraordinary. “The most important thing at the moment is the velocity of what we have seen as far as movements to the upside,” McGuire said, warning that sustained volatility could eventually feed into higher consumer prices and inflation if it continues for weeks or even months.
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The sharp rally comes amid the fallout from the escalating conflict involving the United States, Israel, and Iran, which has rattled global markets and heightened fears of major disruptions to energy supplies. The international benchmark Brent crude surged more than 20 percent on Sunday, at one point topping $114 a barrel, before moderating slightly to trade around $107.50 early Monday. The jump marks the first time oil prices have crossed the $100 threshold since the Russia’s invasion of Ukraine, highlighting the scale of the geopolitical shock reverberating through global energy markets.
Traders say markets are reacting both to immediate supply disruptions and to fears that the conflict could widen across the Gulf region. Iran has effectively brought shipping through the strategically crucial Strait of Hormuz to a halt in retaliation for the attacks, creating a bottleneck for energy exports from some of the world’s biggest producers. Countries such as Iraq, the United Arab Emirates, and Kuwait have already cut production as tankers struggle to move cargo, leading to a growing backlog of crude shipments.
McGuire warned that the situation could worsen if more Gulf countries declare force majeure and temporarily shut down oil and gas production. “Then you are going to see a spike to the upside and $140 to $150 per barrel is very achievable,” he said, adding that such levels could significantly strain the global economy by driving fuel costs higher and accelerating inflation. At the same time, he noted that discussions among G7 finance ministers about a possible coordinated release of oil from strategic reserves through the International Energy Agency, first reported by the Financial Times, could help calm market sentiment and reduce extreme volatility if implemented.
Despite the surge in prices, officials in Washington have sought to downplay the economic impact. Donald Trump, the President of the United States, argued that the spike in energy costs would be temporary and justified by broader security goals. In a post on Truth Social, Trump said short-term oil price increases were “a very small price to pay” for global safety once what he described as the Iranian nuclear threat is eliminated.
Similarly, Chris Wright, the US Secretary of Energy, said any rise in petrol prices would likely be temporary, telling CBS News that energy markets would stabilise once geopolitical tensions begin to ease.
Still, crude oil prices have climbed roughly 50 percent since the United States and Israel launched joint strikes on Iran on February 28, underscoring the scale of the disruption now rippling across global markets. Economists warn that if elevated oil prices persist, the consequences could extend far beyond the energy sector, pushing up transportation and manufacturing costs while reigniting inflationary pressures in economies around the world.
