{"id":338559,"date":"2026-03-10T09:59:11","date_gmt":"2026-03-10T09:59:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/338559\/"},"modified":"2026-03-10T09:59:11","modified_gmt":"2026-03-10T09:59:11","slug":"oil-prices-fall-sharply-as-trump-says-iran-war-is-short-term-excursion-that-will-end-soon-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/338559\/","title":{"rendered":"Oil prices fall sharply as Trump says Iran war is \u2018short-term excursion\u2019 that will end soon \u2013 The Irish Times"},"content":{"rendered":"

Main PointsOil prices have fallen back under $90 a barrel in early trade, after surging to four-year highs yesterday on concerns over the duration of the\u00a0Iran war<\/a>The drop follows\u00a0US<\/a>\u00a0president\u00a0Donald Trump<\/a>\u2019s assertion last night that the Iran war was a \u201cshort-term excursion\u201d which would end \u201cvery soon\u201dUS and\u00a0Israeli<\/a>\u00a0war planes launched fresh waves of strikes at targets across\u00a0Iran<\/a>\u00a0on Monday as Tehran continued strikes on US targets in neighbouring countriesMore than 1,300 people have been killed in Iran since the war beganIran\u2019s Revolutionary Guards has said Tehran will not allow \u201cone litre of oil\u201d to be exported from the region if US-Israeli attacks continueTrump has threatened Tehran with \u201cdeath, fire and fury\u201d if it disrupts shipping in the Strait of HormuzAustralia has granted humanitarian visas to five of the Iranian women\u2019s football team after their elimination in the Asian CupLarge crowds took to the streets in Tehran on Monday to offer allegiance to the country\u2019s new supreme leader, Ayatollah\u00a0Mojtaba Khamenei<\/a>, son of\u00a0Ali Khamenei<\/a>T\u00e1naiste\u00a0Simon Harris<\/a>\u00a0says the Government\u00a0wants to avoid rushing into any response<\/a>\u00a0to spiking\u00a0energy prices<\/a>\u00a0Key Reads\"AbbasAbbas Araghchi, Iran\u2019s foreign minister, said the US and Israel have failed in their goal for a regime change. Photograph: Arash Khamooshi\/The New York Times<\/p>\n

Abbas Araghchi, Iran\u2019s foreign minister, said that with the appointment of Mojtaba Khamenei, the son of the late ayatollah, as Iran\u2019s new supreme leader, the US and Israel have failed in their goal for a regime change. <\/p>\n

In an interview with PBS News Hour that aired on Monday night, Araghchi said he did not think the US and Israel have a realistic endgame and are now just sowing chaos. <\/p>\n

\u201cThey thought that, in a matter of two or three days, they can go for a regime change, they can go for a rapid, clean victory, but they failed \u2026 They failed to achieve their goals at the beginning, and now, after 10 days, I think they are aimless,\u201d Araghchi said. <\/p>\n

When asked about the widespread disruptions the conflict has caused in the delivery of oil, which in turn is causing volatility across markets worldwide, Araghchi maintained that the spike in oil prices was not Iran\u2019s fault. <\/p>\n

\u201cThis is not our plan,\u201d he said.<\/p>\n

\u201cThe oil production, the transportation of oil has been slowed down or stopped not because of us, because of the attacks and aggression made by Israelis and Americans against us. So they have made the whole region insecure. And this is why the tankers, the ships are scared to pass through the strait of Hormuz.\u201d<\/p>\n

He continued: \u201cWe have not closed that strait. We have not \u2013 we are not preventing them to navigate in that strait. But this is the result of the aggression by Israelis and Americans, which has made the whole region insecure, unstable.\u201d<\/p>\n

– The Guardian<\/p>\n

Israel is ahead of \u200cschedule in achieving its war goals in Iran, its ambassador to France said \u200con Tuesday.<\/p>\n

\u201cWhen we were asked at the start of this war about \u200bits duration, we said it would last a few weeks. That hasn\u2019t changed,\u201d Joshua \u2060Zarka told BFM TV. \u201cWe are ahead of schedule \u200cto achieve \u200cour \u200bwar objectives.\u201d<\/p>\n

Zarka, formerly Israel\u2019s lead diplomat on Iran, said the goals extend beyond ending Iran\u2019s \u2060nuclear programme. They include \u200bweakening the government to the \u200bpoint that its population can \u201ctake its fate into its own \u200chands\u201d, and ensuring Tehran can no \u200blonger mount attacks beyond its borders.<\/p>\n

Asked about the appointment \u2060of Mojtaba Khamenei as \u2060the new supreme \u200bleader, Zarka said that if he follows his father Ali Khamenei\u2019s positions, he \u201cwould also be on a list of those who should be eliminated\u201d.<\/p>\n

Israel has simultaneously launched major operations against Iran-backed Hizbullah after it struck Israeli territory. The Lebanese government has said it wants direct \u200ctalks with Israel to \u2060halt the fighting, but Zarka argued that Beirut is not disarming Hizbullah.<\/p>\n

\u201cAt this stage, I\u2019m not aware \u200cof any decision to enter negotiations to end this war,\u201d he said. \u201cWhat \u200bwould end it is the disarmament of \u200bHizbullah \u2014 and that is a choice for the Lebanese government.\u201d <\/p>\n

– Reuters<\/p>\n

Flights from Dubai International Airport were temporarily halted on Tuesday morning due to a missile threat.<\/p>\n

\"PhotographPhotograph via Eric Luke <\/p>\n

Eric Luke, a photojournalist from Dublin, was at the airport when passengers received a message warning them to stay away from windows and doors.<\/p>\n

\u201cDue to the current situation, potential missile threats, immediately seek a safe place in the closest secure building, steer away from windows, doors, and open areas,\u201d the message stated<\/a>.<\/p>\n

Luke told The Irish Times the situation was \u201cwell handled by the airport staff\u201d.<\/p>\n

\u201cThey just moved everyone in the concourse down to ground level, until they got the all clear.\u201d<\/p>\n

Luke, who is en route from Australia to Ireland, said passengers were moved from higher levels to the ground floor \u201caway from windows and glass, as ordered\u201d.<\/p>\n

Europe must be ready to intervene on energy prices if war goes on – Harris <\/p>\n

European governments must be ready to intervene in response to rising energy prices if the war in Iran starts to look like it will not end quickly, T\u00e1naiste and Minister for Finance Simon Harris has said. <\/p>\n

EU finance ministers are meeting for a second day of scheduled meetings in Brussels, where all anyone wants to talk about is the impact the Iran war is having on Europe\u2019s energy prices, Europe Correspondent Jack Power reports. <\/p>\n

\u201cIf it doesn\u2019t end quickly, Europe and member states have to be ready to act. Certainly in Ireland we\u2019ll keep everything under review,\u201d Harris said on Tuesday morning. <\/p>\n

The Government has adopted a wait and see approach for the moment, wary of intervening too early, before it is clear whether the conflict in the Middle East will be brought to an end in the near future or not. Politicians fear a return to the steep cost inflation that followed massive jumps in energy prices after Russia invaded Ukraine four years ago.<\/p>\n

\u201cIt\u2019s a very different economic scenario if this conflict goes on for months and months on end,\u201d Harris said. <\/p>\n

The spiking price of oil in the days after the US and Israel began military strikes on Iran was a \u201csharp reminder\u201d that Europe was still very dependent on other parts of the world for its energy, he said. <\/p>\n

\u201cI think it\u2019s important that [EU] member states continue to share thoughts and ideas about what they may wish to do at a domestic level, should this situation go on beyond a few more days, or weeks,\u201d he said. Harris said the fact oil prices had fallen \u201csignificantly\u201d today pointed to the volatility of the situation. <\/p>\n

The idea that Russia would financially benefit from the oil crisis in the Gulf, by being able to command a better price for its crude supplies, was \u201cutterly despicable\u201d, he said. <\/p>\n

France and allies preparing mission to reopen Hormuz, Macron says <\/p>\n

French president Emmanuel Macron has used a visit to Cyprus to announce that France and its allies are preparing \u201ca purely defensive, purely support mission\u201d to reopen the strait of Hormuz, where dozens of ships have been stranded since the start of the war. <\/p>\n

On a one-day trip to the eastern Mediterranean island \u2013 the EU\u2019s nearest member state to the Middle East \u2013 he said the mission would start \u201cas soon as possible after the most intense phase of the conflict is over\u201d. <\/p>\n

Greece\u2019s shipping minister has described the situation in the strait as \u201calarming\u201d, saying numerous tankers have found themselves stuck in the key waterway since the US and Israeli air strikes against Iran began. <\/p>\n

About a fifth of the world\u2019s oil supplies pass through the strait every day. <\/p>\n

\u201cIt is essential for international trade, but also for the flow of gas and oil, which must be able to leave this region once again,\u201d Macron told reporters. <\/p>\n

The French leader also pledged that the European Union would do everything possible to stand by Cyprus where several EU nations have rushed to deploy warships and fighter jets following a drone strike against a British base on the island. <\/p>\n

– The Guardian<\/p>\n

Israeli military offensive against Iran \u2018not done yet\u2019 – Netanyahu<\/p>\n

In comments made during a visit to the National Health Command Centre on Monday night, Israeli prime minister Binyamin Netanyahu said Israel\u2019s war on Iran is \u201cnot done yet\u201d, AFP reports. <\/p>\n

\u201cOur aspiration is to bring the Iranian people to cast off the yoke of tyranny; ultimately, it depends on them. But there is no doubt that with the actions taken so far, we are breaking their bones \u2013 and we are not done yet,\u201d Netanyahu said.<\/p>\n

– The Guardian<\/p>\n

Fuel prices top \u20ac2 a litre in Ireland\"TheThe cost of a litre of motor fuel has already crossed \u20ac2 on many fuel forecourts in Ireland (file photo). Photograph: Nadja Wohlleben\/Getty Images <\/p>\n

Political Editor Pat Leahy and Consumer Affairs Correspondent Conor Pope have been taking a look at the impact of the conflict in the Middle East on Ireland<\/a>. They write: <\/p>\n

The financial impact on Irish households of war in the Middle East could quickly top \u20ac1,000 if oil prices remain elevated, with higher-priced motor fuel, domestic energy, food and mortgages just some of the ways consumers could be hit, experts have warned.<\/p>\n

The cost of a litre of motor fuel has already crossed \u20ac2 on many fuel forecourts, with prices reaching levels not seen since the summer of 2022 and the aftermath of Russia\u2019s invasion of Ukraine.<\/p>\n

A sustained 30 cent per litre hike will see the average motorist worse off by just over \u20ac300 a year, while a 20 per cent jump in domestic energy costs will add another \u20ac600 to annual bills. The increased cost of oil is also expected to have a knock-on effect on the price of food and other consumer goods.<\/p>\n

European gas prices falling <\/p>\n

European natural gas prices are falling this morning, with the Dutch month-ahead gas contract (the European benchmark) down 16 per cent to \u20ac46.59 per megawatt hour, down from as high as \u20ac56 on Monday. <\/p>\n

However, the Strait of Hormuz remains impassible and oil prices are more than 25 per cent higher than before the conflict began. <\/p>\n

Trump has pledged the US navy will provide a guard for tankers through the strait, but any timeline for that is highly obscured, with forces for focused on taking out military infrastructure rather than becoming ship escorts. <\/p>\n

Until a longer\u2011term resolution is found, companies and consumers are still set to pay the price for the attack by the US and Israel on Iran. <\/p>\n

The repercussions for an array of everyday costs affecting companies and households are becoming clear. Prices at the pumps have already increased, and motorists are being warned to drive more conservatively to offset an expected further rise in costs. <\/p>\n

– The Guardian<\/p>\n

Dublin MEP Barry Andrews is among those to criticise Trump\u2019s claim that Iranian missiles were responsible for the strike on a school in Minab, despite mounting evidence the missiles were made in the US.<\/p>\n

President Trump’s latest use of the “big lie” tactic last night was to claim that #Iran<\/a> somehow possesses US-made tomahawk missiles and fired upon its own girls school. <\/p>\n

Such blatant lies are meant to distract. <\/p>\n

He knows the world will move on. pic.twitter.com\/F9AN9Yx9jJ<\/a><\/p>\n

\u2014 Barry Andrews MEP (@BarryAndrewsMEP) March 10, 2026<\/a><\/p>\n

Evidence mounting that US strike hit Iranian school <\/p>\n

Mangled missile fragments purporting to be from the deadly strikes that hit a naval base and a school in southern Iran on February 28th bear the markings of an US cruise missile, according to new photos.<\/p>\n

Images of the fragments were posted to Telegram by Iran\u2019s state broadcaster and were characterised as showing \u201cthe remains of the American missile that landed on the children of Minab school\u201d.<\/p>\n

The debris is displayed on a table near the shell of the Shajarah Tayyebeh elementary school, most of which was destroyed in a \u201cprecision\u201d strike. At least 175 people, most of them children, were reportedly killed.<\/p>\n

While it is not clear where or how the fragments were recovered \u2013 or whether they pertain specifically to the school strike \u2013 they contain serial numbers and other details that are consistent with how the US department of defence and its suppliers categorise and label munitions.<\/p>\n

The remnants appear to be from a US-made Tomahawk cruise missile manufactured in 2014 or later. Evidence has been mounting that the school was hit during a series of US strikes targeting an adjacent naval base.<\/p>\n

Trump has blamed Iran for the strike.<\/p>\n

– The New York Times<\/p>\n

Reporting on Trump\u2019s speech last night<\/a>, Washington Correspondent Keith Duggan writes: <\/p>\n

From his ballroom in Mar-a-Lago, president Donald Trump issued a repudiation to the rolling accusation that his administration has offered no clear guideline as to why the US finds itself at war with Iran\u2013 or when it is going to end. <\/p>\n

If it\u2019s not the end of the beginning of the war, then it\u2019s certainly the beginning of the end, he suggested. Although the war is \u201calmost complete\u201d, nothing is ever over. The Islamic Republic has \u201cno leadership left\u201d, and the president does not approve of their selection as the new supreme leader.<\/p>\n

T\u00e1naiste travelling to France \"TheThe T\u00e1naiste is due to travel to Paris for a series of engagements in the French capital. Photograph: Brian Lawless\/PA Wire <\/p>\n

T\u00e1naiste and Finance Minister Simon Harris is to meet the French finance minister and secretary general of the Organisation for Economic Co-operation and Development (OECD) in Paris.<\/p>\n

Harris is to travel to France as part of the Government\u2019s St Patrick\u2019s Day programme, which is focused on trade promotion and economic engagement with EU partners.<\/p>\n

Following a meeting of EU finance ministers on Tuesday morning in Brussels, the T\u00e1naiste will travel to Paris for a series of engagements in the French capital.<\/p>\n

A spokesman said the meetings were likely to \u201cfocus on the fallout from the ongoing conflict in the Middle East\u201d and the implications for the EU.<\/p>\n

This includes issues around oil supply that were discussed by the G7 on Monday, the presidency of which is currently held by France.<\/p>\n

Harris\u2019s visit also comes in advance of Ireland assuming the presidency of the Council of the European Union later this year, for which it anticipates France will be a key partner.<\/p>\n

He will meet French economy minister Roland Lescure and secretary general of the OECD Mathias Cormann during the two-day visit. <\/p>\n

– PA<\/p>\n

Turkey\u2019s defence ministry said on \u200cTuesday one US Patriot air defence system was deployed to the southeastern Malatya province as part of measures by Nato to boost \u200cits \u200cally\u2019s air defences amid missile threats from the Iran war. The Kurecik Nato radar \u200cbase, which provides vital data for the alliance and helped identify two Iranian ballistic missiles heading toward Turkey, is located in Malatya.<\/p>\n

In a statement, \u200cthe ministry said Turkey would continue to co-operate and \u200cevaluate regional developments with Nato allies. <\/p>\n

– Reuters<\/p>\n

Iranian women\u2019s football team arrive at Australian airport<\/p>\n

The Iranian women\u2019s football team left their hotel and arrived at Gold Coast airport on Tuesday afternoon, appearing to have just hours left to take up Australia\u2019s offer of asylum before they depart the country.<\/p>\n

Five players, led by captain Zahra Ghanbari, were formally granted protection<\/a> in Australia by home affairs minister Tony Burke early on Tuesday morning. The group has already been given an offer to train with A-League women\u2019s club Brisbane Roar. <\/p>\n

Advocates connected to the group believed more \u2013 including possibly some staff \u2013 were considering staying in Australia. But the group, which is still under surveillance by the minders around the team, left their hotel with one player in tears. Protestors briefly blocked the departure of the bus, before it continued on to drop the players off at the Gold Coast airport.<\/p>\n

Amnesty International Australia\u2019s Zaki Haidari said the players must be given an opportunity to speak to officials at the airport.<\/p>\n

\u201cCustoms and immigration officials, as well as Australian Border Force officers, have an opportunity to intervene and remind the team of their rights to seek protection in Australia,\u201d he said, adding the offer of protection from the Australian government should be extended to players\u2019 families in Iran. <\/p>\n

– The Guardian<\/p>\n

Iran\u2019s foreign minister Abbas Araqchi said Iran was unlikely to resume negotiations with the US, \u200cciting what he described as a \u201cbitter experience\u201d with past talks.<\/p>\n

\u201cAfter three rounds of negotiation, the American team in the negotiation said itself that we made a big progress. Still, they decided to attack us. So, I don\u2019t think talking to the Americans anymore would be on our agenda any more,\u201d he said in an interview with PBS.<\/p>\n

The war has already effectively shut the Strait of Hormuz, leaving tankers unable to sail for more than a week and forcing producers to halt pumping as storage facilities fill.<\/p>\n

Hopes of a speedy resolution to the conflict were soon dashed by defiant statements from Iran\u2019s military indicating it would continue fighting.<\/p>\n

Mojtaba Khamenei\u2019s appointment on Monday appeared to dash hopes of a swift end to the war, sending oil markets surging and share markets nosediving, before swinging in the other direction when Trump predicted a quick end to the war and reports of a possible ease in sanctions on Russian energy. <\/p>\n

\u2013 Reuters<\/p>\n

Iran: \u2018We are the ones who will determine the end of the war\u2019<\/p>\n

Iran<\/a>\u2019s Revolutionary Guards said they would not allow \u201cone litre of oil\u201d to be shipped from the \u200cthe Middle East if US and Israeli<\/a> attacks continued, prompting further warnings from president Donald Trump<\/a>.<\/p>\n

Trump had earlier expressed confidence in a swift end to hostilities<\/a> even after Iran appointed Mojtaba Khamenei as its new supreme leader in a signal of defiance.<\/p>\n

Trump said that the United States had inflicted serious damage on Iran\u2019s military and predicted the conflict would end well before the initial four-week time frame he had laid out, though he has not defined what victory would look like.<\/p>\n

Israel says its war aim is to overthrow Iran\u2019s system of clerical rule. US officials mainly say Washington\u2019s aim is to destroy Iran\u2019s missile capabilities and nuclear programme.<\/p>\n

At least 1,332 Iranian civilians have been killed and thousands wounded since the barrage of air and missile strikes, according to Iran\u2019s UN ambassador. Trump warned that US attacks could rise sharply if Iran sought to block tanker traffic through the Strait of Hormuz, which handles a fifth of the world\u2019s oil supply.<\/p>\n

\u201cWe will hit them so hard that it will not \u200cbe \u200cpossible for them or anybody else helping them to ever recover that section of the world,” Trump said at a news conference on Monday.<\/p>\n

\u2013 Reuters<\/p>\n

Trump says war could be \u2018over soon\u2019\"USUS president Donald Trump in Miami on Monday. Photograph: Saul Loeb\/AFP via Getty Images <\/p>\n

Stocks rallied and oil prices plunged in Asian trading on Tuesday after US president Donald Trump declared \u200cthe Middle East war could be \u201cover soon\u201d<\/a>.<\/p>\n

But hopes of a speedy resolution to the conflict were soon dashed by defiant statements from Iran\u2019s military indicating it would continue fighting.<\/p>\n

Brent crude futures fell as much as 11 per cent to below $88.05 per barrel as trading resumed, before trimming their decline to 6.6 per cent. <\/p>\n

– Reuters<\/p>\n