Global Oil Prices Plunge 11 Per Cent After Trump Predicts Iran War Will Soon De-escalate
NEW YORK — Global crude oil prices fell more than 11 per cent at the close of trading on 10 March 2026 local time, following US President Donald Trump’s prediction that military operations against Iran would soon wind down.
According to Reuters, Brent crude oil futures declined by $11.16, or approximately 11 per cent, to $87.80 per barrel. This marked the largest daily decline for both major crude oil benchmarks since March 2022, coming just one day after prices had surged to their highest level in four years.
Oil prices fell even further during intraday trading after US Energy Secretary Chris Wright posted on platform X that the American military had facilitated oil shipments through the Strait of Hormuz. “President Trump is maintaining global energy stability during military operations against Iran,” Wright wrote at 13:02 local time, before the post was subsequently deleted. Wright also stated that the US Navy had successfully escorted an oil tanker through the Strait of Hormuz.
Andrew Lipow, founder of Lipow Oil Associates, explained that the price decline reflects market expectations that the Strait of Hormuz will reopen to oil shipping, alleviating concerns about supply disruptions and rising energy costs. “From the government’s perspective, this move also carries clear reputational benefits: lower oil and petrol prices help ease the burden on consumers,” he noted.
Oil prices had previously surged to above $119 per barrel on Monday, their highest level since June 2022, driven by production cuts from Saudi Arabia and other producers that raised fears of a major global supply disruption. Prices subsequently reversed course after Trump and Russian President Vladimir Putin held a telephone conversation discussing proposals for a rapid resolution to the conflict, according to a Kremlin aide.
Trump stated in an interview with CBS News that military operations against Iran were progressing faster than anticipated. “I think the war against Iran is almost completely finished, and we are already well beyond my initial estimate of around four to five weeks,” Trump said. Meanwhile, Israel’s Foreign Minister stated that the country does not desire a prolonged conflict with Iran and will coordinate with the United States regarding when to halt military operations.
In its latest monthly report, the US Energy Information Administration (EIA) projects that Brent crude will trade above $95 per barrel over the next two months due to supply disruptions from the Iran conflict. However, prices are expected to decline to around $70 per barrel by year-end.