Global Oil Prices Fall After Sharp Spike Due to Middle East Conflict

Jakarta, 10 March 2026 – Global oil prices, which had previously spiked sharply due to Middle East conflict, declined during Tuesday trading (10 March 2026).

The decline in global oil prices occurred following a statement by US President Donald Trump suggesting that war with Iran could potentially end soon.

Previously, global oil prices had surged to nearly $120 per barrel on Monday (9 March 2026). The increase was driven by market concerns over potential disruptions to energy supplies from the Middle East.

This shift in oil price direction reflects the sensitivity of the global energy market to geopolitical developments in the world’s major energy-producing regions.

Tensions in the Middle East prompted investor concerns that the conflict could disrupt global energy distribution. When the conflict erupted, markets immediately anticipated the possibility of supply disruptions from the Gulf region.

Crude oil prices had approached $120 per barrel, or approximately Rp 2,023,560 per barrel (at an exchange rate of Rp 16,863 per dollar).

The Strait of Hormuz represents one of the critical chokepoints in global energy trade. This narrow shipping route carries approximately one-fifth of the world’s oil supply.

However, since war began more than a week ago, vessel traffic through the strait has nearly halted. This situation reinforced market concerns about potential energy supply crisis.

Oil prices then fell sharply after signals emerged that the conflict could end soon. The decline was triggered by Trump’s statement that war with Iran would likely be short-lived.

“We are making a short journey because we felt we had to do something to get rid of something evil. Then, I think you will see that this will be a short journey,” Trump said at a press conference in Florida, cited from CNN.

He also stated that the war was likely to end soon.

“In my opinion, this war is already very much over,” he said.