Global Oil Prices Plummet After Trump Signals End to Iran Conflict
Global oil prices fell sharply amid the US-Iran conflict following President Donald Trump’s statement indicating that the conflict could end soon. However, markets remain cautious about the potential for energy supply disruptions through the vital Strait of Hormuz.
Brent crude fell approximately 4.3% to $94.62 per barrel on Monday evening (9 March), whilst West Texas Intermediate (WTI) crude in the United States weakened 3.8% to around $91 per barrel.
This decline occurred after oil prices had previously surged above $100 per barrel at the beginning of the week.
The oil price decline was triggered by Trump’s statement suggesting that the conflict with Iran might not last long. However, the US president also issued a stern warning if Tehran attempted to disrupt the global energy supply route through the Strait of Hormuz.
“If Iran does something that stops the flow of oil through the Strait of Hormuz, they will be hit by the United States twenty times harder than what they have experienced so far,” Trump said in a post on Truth Social on Monday in the United States.
The Strait of Hormuz, located between Oman and Iran, is one of the most important shipping routes for global energy trade.
Data from Kpler showed approximately 13 million barrels of oil per day passed through the route in 2025, or around 31% of total global seaborne oil trade.
The route connects major oil-producing nations in the Gulf region, including Saudi Arabia, Iran, Iraq and the United Arab Emirates, to the Gulf of Oman and the Arabian Sea.
In his post, Trump also mentioned that reopening the shipping route through the Strait of Hormuz would provide significant benefits to countries dependent on the route.
“This is a gift from the United States to China and all countries that use the Strait of Hormuz extensively. Hopefully this is a signal that will be greatly appreciated,” he wrote.
The statement came after Iran’s Foreign Ministry spokesman warned that oil tankers transiting the Strait of Hormuz should be more careful amid rising regional tensions.
Earlier on the same day, Trump also told CBS News that ships continue to transit the Strait of Hormuz.
He even stated that he was considering the possibility of taking control of the strategic shipping route.
In a separate press conference, Trump again affirmed that the conflict with Iran was expected to end soon and predicted that global oil prices would fall further.
The US president’s comments temporarily eased market concerns about potential global energy supply disruptions.
“I think there is a lot of optimism in the market,” said Bob McNally, president of Rapidan Energy Group.
“We saw it today with the collapse in oil prices as a result of what we used to call verbal intervention from the President,” he stated.