Gate TradFi Latest Updates: Crude Oil Prices Surge and Plummet, How to Participate in the Market?

If you opened the Gate App on the morning of April 9, you may have already noticed: WTI crude oil is trading around $97 per barrel, while Brent crude is hovering near $97. On the surface, everything looks calm—but just 24 hours ago, the crude oil market just went through a “roller-coaster” move. WTI crude fell by more than 19% at one point, setting the largest single-day drop in nearly six years. After the spike comes a plunge, and after the plunge comes a rapid rebound—such intense volatility is precisely the most active trading window for Gate TradFi’s crude oil perpetual contracts.

Crude Oil Market Recap: From a Surge to a Plunge—Only One Ceasefire Agreement Apart

To understand just how severe this round of price action is, first look at a set of timelines:

• Around April 2: Driven by expectations of escalation in military conflict between the U.S. and Iran, the market worried that the Strait of Hormuz could be disrupted for the long term, pushing oil prices sharply higher. WTI crude futures rose significantly in the short term, with a stage gain of more than $15 per barrel; spot Brent crude even broke above the $140 per barrel mark at one point, reaching the highest level since the 2008 financial crisis.
• April 8: Trump announced a “two-week ceasefire agreement” with Iran, and the Strait of Hormuz is expected to reopen. The geopolitical risk premium was rapidly unwound, and oil prices suddenly “plunged”—WTI crude futures fell to as low as $91.05, a drop of nearly 19%, the largest single-day decline since April 2020; intraday losses for Brent crude also exceeded 16%.
• April 9 at the open: The market reassessed uncertainty in the situation in the Middle East; news emerged that the Strait of Hormuz was closed again, and oil prices quickly rebounded—WTI crude rose 2.82% to $97.07 per barrel; ICE Brent rose 2.54% to $97.16 per barrel.

Why Does Oil Spike and Crash? Geopolitics Is the Core Driver

The root of this round of extreme oil-price swings lies in rapid changes in Middle East geopolitics.

Surge phase: After a U.S.-Iran military conflict erupted in late February, the Strait of Hormuz remained closed. This strait accounts for about 20% of the world’s seaborne transported crude oil. Its closure led the market to rapidly price in “supply disruption” expectations. After Trump’s speech on April 1, tensions escalated further; investors panicked and rushed to buy crude oil, driving prices up quickly.

Plunge phase: On April 8, Trump suddenly announced that a ceasefire agreement had been reached, and the Strait of Hormuz was expected to resume passage. The risk premium that the market had fully priced in was concentrated and unwound, pushing oil prices downward rapidly.

Current tug-of-war: However, the ceasefire agreement has not truly been implemented. Iran’s parliament speaker said negotiations had not started and that the terms in the agreement had already been violated. On the morning of April 9, news came out that the Strait of Hormuz was closed again. Uncertainty on the supply side is still present. Oil prices formed a key support level near $90, while facing pressure above at the $100 round-number level.

Gate TradFi: Participate in the Crude Oil Market Directly with USDT

For crypto users, traditional crude oil trading channels have very high barriers—you need to open an offshore futures account, complete complicated W-8BEN forms, convert fiat currency into U.S. dollars, and make cross-border remittances; the whole process often takes more than a week.

Gate TradFi completely breaks down this barrier. You only need to transfer USDT from your main account to a TradFi sub-account, and the system will automatically denominate it as USDx at a 1:1 ratio. No need to sell USDT. No need to exchange fiat currency. From the decision to trade to actually opening a position, it takes less than 1 minute.

Gate TradFi currently offers the following crude oil trading products:

• WTI Crude Oil (XTIUSDT Perpetual Contract): Reflects U.S. market supply and demand and is more sensitive to changes in North American inventories
• Brent Crude Oil (XBRUSDT Perpetual Contract): A global benchmark referenced for roughly two-thirds of crude oil pricing, and is more sensitive to changes in Middle East developments

7×24 Continuous Trading: What Traditional Markets Can’t Do

Traditional WTI crude oil futures on the CME Group are traded from 6:00 a.m. to 5:00 a.m. the next day Beijing time, Monday through Friday. The market is closed on weekends and holidays. However, geopolitical events never follow trading hours—one ceasefire message or one conflict statement could be released in the early hours of Saturday.

Gate’s crude oil perpetual contracts provide 7×24 continuous trading, settled in USDT. On weekends, late at night, or in the early morning—if you believe the market has changed, you can open or close positions at any time. The market doesn’t rest; trading never stops.

Market Depth and Leverage Setup

In recent days, the wild swings in oil prices have directly driven a surge in trading volume for Gate’s crude oil contracts. Data shows that on the Gate platform, the 24-hour trading volume for WTI crude oil contracts reached $49.4120 million, an increase of 189.71%; Brent crude oil’s trading volume reached $37.4179 million, an increase of 196.37%. In both crude oil contracts, the trading volumes ranked first among all exchanges on the network.

In terms of leverage, Gate offers a multi-tier selection ranging from 5x to 100x. You can choose flexibly based on your own risk tolerance. Based on current oil prices, at 100x leverage, only a small amount of margin is needed to obtain a sizable notional position exposure.

Risk Warning: Higher Volatility Requires Extra Caution

The current crude oil market is in a rebalancing phase between “unwinding the risk premium” and “a lag in supply repair.” After the conclusion of the U.S.-Iran negotiations on April 24, the direction of oil prices will face new uncertainty. In this environment, it is recommended that you focus on the following three points:

1. Control position sizing: In high-volatility markets, never go heavy on a single directional bet—allocate funds reasonably
2. Set stop-loss orders: Sudden news can change the price action instantly—strict risk-control discipline is essential
3. Use leverage to adjust: Gate provides multiple leverage options; when volatility increases, you may reduce the leverage ratio appropriately

Summary

Since April 2026, the crude oil market has experienced a dramatic roller-coaster ride of surging, then plunging, and then rapidly rebounding. The core driver is the fast switching of U.S.-Iran geopolitical conditions. The status of passage through the Strait of Hormuz, as well as the results of negotiations in Islamabad on April 24, will continue to dominate the direction of oil prices.

For crypto users, Gate TradFi crude oil perpetual contracts provide a brand-new entry point for trading traditional financial assets—no complex fiat currency exchange and offshore account opening process is needed; you can participate in the global crude oil market directly with USDT. The 7×24 continuous trading mechanism ensures you won’t miss any market volatility triggered by geopolitical events. Whether you’re a trend trader or a short-term swing trader, Gate TradFi can help you better capture every opportunity in the crude oil market.