Investors, US crude producers scramble to lock in oil price spike

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Stocks close in the red as widening Middle East conflict sparks inflation fears Gold slips on stronger dollar; safe haven demand remains high amid Iran conflict Oil pares some gains as Trump says U.S. to escort tankers through Strait of Hormuz After FOUR 60%+ wins - a new list of AI-picked stocks for March IS LIVE NOW (South Africa Philippines Nigeria) Investors, US crude producers scramble to lock in oil price spike By Commodities Published 03/03/2026, 06:51 PM Updated 03/03/2026, 06:54 PM Investors, US crude producers scramble to lock in oil price spike 0 CL 0.88% LGO 10.21% GPR 0.62% By Georgina McCartney HOUSTON, March 3 - Investors rushed to lock in a spike in oil prices this week, resulting in a record volume of energy futures and options contracts changing hands on Monday, the first trading day after Israel and the U.S. bombed Iran and Tehran retaliated. Hedging provides traders with opportunities to profit in times of volatility, and can help producers reduce risk and protect their production from sharp moves in the market by locking in a price for their oil. Investors traded a record 12.7 million energy futures and options contracts on the Intercontinental Exchange on Monday as oil futures jumped, ICE said on Tuesday. Crude oil futures traded at multi-month highs during the session. ICE Low Sulphur Gasoil, the global benchmark for refined oil products, saw a record 1.3 million futures and options contracts traded, beating the previous record set on June 13, 2025, when Israel and Iran also traded air strikes. U.S. diesel futures settled nearly 12% higher on Monday, outperforming both U.S. crude and gasoline futures, which settled over 6% and nearly 4% higher, respectively. Diesel prices are the most susceptible to the worsening conflict in the Middle East because the region is a major supplier of the fuel, and because diesel inventories have dropped sharply after high demand for heating and power gene...