Global Oil Prices Fall Sharply After Trump Considers Controlling Strait of Hormuz

NEW YORK — Global crude oil prices declined at the close of trading on Monday (9 March 2026) local time, or Tuesday morning (10 March 2026) Jakarta time, after initially surging towards the $120 per barrel level.

The decline followed President Donald Trump’s statement to CBS News that the US administration is considering taking control of the Strait of Hormuz, the world’s most critical shipping route for global oil trade.

According to CNBC, Brent crude futures fell 4.6 per cent to $88.43 per barrel, whilst West Texas Intermediate (WTI) crude futures dropped 6.19 per cent to $85.27 per barrel.

Trump told CBS News via telephone that vessels are currently still moving through the Strait of Hormuz, but stated that the US government is considering taking control of the passage. “I’m thinking of taking it over,” Trump said.

Additionally, Trump is reportedly considering reducing oil sanctions against Russia to help suppress global oil prices, according to three sources familiar with the discussions who spoke to Reuters.

In the previous trading session, Brent crude had risen 6.76 per cent and closed at $98.96 per barrel, after reaching $119.50 per barrel during the same trading session.

Meanwhile, WTI crude closed up 4.26 per cent at $94.77 per barrel. Prices had even surged to $119.48 per barrel during evening trading as Arab Gulf nations cut production.

The production cuts were implemented because storage capacity was becoming full, with vessels unable to transit through the Strait of Hormuz to distribute oil due to threats from Iran.

The increase marked the first time oil prices had breached $100 per barrel since Russia’s invasion of Ukraine in 2022.