Global crude oil prices experienced an exceptionally volatile trading\nsession in recent days. After steep gains, the market has begun to\ncool.<\/p>\n
Refinitiv data showed oil prices on Tuesday morning (10 March 2026)\nat 09:50 WIB standing at US$98.96 per barrel for Brent crude and\nUS$94.77 per barrel for West Texas Intermediate (WTI). These prices\nrepresented a decline from extreme spikes at the beginning of the week\nwhen markets panicked over potential disruptions to global supply.<\/p>\n
Looking at movements over the past week, the oil price rally has\nactually been accelerating since late February. Brent crude, for\ninstance, moved from US$70.75 per barrel on 26 February, then surged in\nstages to US$77.74 (2 March), US$81.40 (3-4 March), and eventually broke\nthrough US$92.69 on 6 March. The surge continued sharply at the start of\nthis week as escalating conflict in the Middle East triggered concerns\nabout global energy corridors.<\/p>\n
The tensions centred on war between the United States, Israel, and\nIran, causing markets to worry about world oil supply stability. The\nStrait of Hormuz\u2014through which roughly one-fifth of global oil trade\npasses\u2014emerged as the most sensitive pressure point. Disruptions along\nthis route prevented tankers from sailing for more than a week and\nforced several producers to halt production due to storage capacity\nlimitations.<\/p>\n
This situation drove oil prices to spike sharply on Monday. Brent and\nWTI briefly touched US$119 per barrel, the highest level since mid-2022.\nThe surge was triggered by a combination of factors: concerns about\nglobal supply, production cuts from several Gulf nations, and\nexceptionally high geopolitical uncertainty.<\/p>\n
Several oil producers in the Gulf region reportedly began cutting\nproduction due to shipping disruptions. Iraq, for example, reduced\nproduction at southern oil fields by around 70 per cent to 1.3 million\nbarrels per day, while Kuwait Petroleum Corporation also reduced output\nand declared force majeure conditions. Saudi Arabia was said to have\nadjusted production in response to market disruptions.<\/p>\n
However, the euphoria of high prices did not last long. The market\nreversed direction after US President Donald Trump stated that the war\nin the Middle East would likely end sooner than expected. In an\ninterview with CBS, Trump said military operations against Iran were\nalready \u201cvery close to completion,\u201d much faster than the initial\nestimate of four to five weeks.<\/p>\n
This statement immediately eased some of the global energy market\u2019s\nconcerns. In addition, reports emerged that Washington was considering\nseveral options to curb oil prices, including loosening energy sanctions\nagainst Russia and the possibility of releasing US strategic petroleum\nreserves. These measures were seen as potentially adding to global\nsupply if prices continued to surge.<\/p>\n
Nonetheless, geopolitical uncertainty has not fully dissipated.\nIran\u2019s Revolutionary Guards warned that Tehran would not allow \u201ceven a\nsingle litre of oil\u201d to leave the region if American and Israeli attacks\ncontinued. This statement indicates the conflict still has potential to\nrock energy markets at any time.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/donald-trump-says-war-will-end-soon-oil-prices-plummet-1773118486", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }