{"id":526085,"date":"2026-03-10T05:09:08","date_gmt":"2026-03-10T05:09:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/526085\/"},"modified":"2026-03-10T05:09:08","modified_gmt":"2026-03-10T05:09:08","slug":"oil-prices-drop-sharply-after-trump-moves-to-reassure-markets-over-iran-war-oil","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/526085\/","title":{"rendered":"Oil prices drop sharply after Trump moves to reassure markets over Iran war | Oil"},"content":{"rendered":"

Oil prices have tumbled from four-year highs, capping an extraordinary 24 hours in global markets after Donald Trump suggested the US-Israel war on Iran<\/a> could end \u201cvery soon\u201d.<\/p>\n

Brent crude, the international benchmark, surged as high as $119.50 per barrel on Monday as the Middle East conflict intensified fears of a deepening energy supply crisis.<\/p>\n

Trump sought to play down this remarkable increase, claiming that oil prices had risen \u201cprobably less than I thought they\u2019d go up\u201d, while moving swiftly to reassure investors.<\/p>\n

Brent fell to $91.58 per barrel in the hours after the US president described the war on Iran as \u201cvery complete, pretty much\u201d<\/a> in an interview with CBS News.<\/p>\n

Once markets had closed, however, Trump made a series of conflicting remarks which suggested the conflict would continue. \u201cWe have won in many ways,\u201d he said. \u201cBut not enough.\u201d<\/p>\n

He wrote on social media: \u201cIf Iran does anything that stops the flow of Oil<\/a> within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.\u201d<\/p>\n

About a fifth of global oil and seaborne gas tankers typically pass through the strait, which has already in effect been closed for a week, heightening concerns over energy supplies which have propelled prices higher.<\/p>\n

Tehran declared that it would not allow \u201cone litre of oil\u201d to be exported from the region if US and Israeli attacks continue, Iranian state media reported on Tuesday, citing a spokesperson for the regime\u2019s Revolutionary Guards (IRGC).<\/p>\n

The French president, Emmanuel Macron, indicated on Monday that a string of countries could deploy ships to \u201cescort\u201d container ships and tankers in a bid to shore up the vital trade route once \u201cthe most intense phase of the conflict\u201d was over.<\/p>\n

Trump\u2019s rhetoric appeared to reassure investors. Oil prices fell sharply, after one of the most volatile days in energy markets since the height of the Covid crisis and the aftermath of Russia\u2019s invasion of Ukraine<\/a>.<\/p>\n

The US president said Washington would waive some oil-related sanctions in a bid to ease shortages. While he did not mention Russia by name, the disclosure was made shortly after Trump spoke with Vladimir Putin, the country\u2019s president. Such a move would risk complicating US efforts to punish Moscow for its war on Ukraine.<\/p>\n

\u201cWe have sanctions on some countries,\u201d Trump told reporters. \u201cWe\u2019re going to take those sanctions off until the strait is up.\u201d<\/p>\n

The Trump administration last week permitted Indian refiners to temporarily buy Russian oil<\/a> for 30 days \u2013 just a month after Trump claimed India<\/a> had agreed to stop purchasing it, in a shift that he said would \u201chelp END THE WAR in Ukraine\u201d by cutting off a key source of funds for Russia.<\/p>\n

While global oil prices have dropped from Monday\u2019s peaks, they continue to trade at significantly higher levels than just a few weeks ago.<\/p>\n

Apprehension over elevated fuel costs, and uncertainty over supplies, prompted governments across Europe and Asia to take action. Croatia, Hungary, South Korea and Thailand have imposed price caps on fuel in recent days to mitigate the threat of shortages.<\/p>\n

The Philippines ordered public officials to cut back on air conditioning usage and reduce travel<\/a> last week. Bangladesh also moved to close all universities, bringing forward the Eid al-Fitr holidays as part of emergency measures to conserve \u200belectricity and fuel.<\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices have tumbled from four-year highs, capping an extraordinary 24 hours in global markets after Donald Trump…\n","protected":false},"author":2,"featured_media":526086,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[43,44,41,39,42,40],"class_list":["post-526085","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/526085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=526085"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/526085\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/526086"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=526085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=526085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=526085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}