Oil prices fall back sharply as Trump claims Iran war will be over ‘very soon’ | World News
Global oil prices fell sharply on Tuesday after US President Donald Trump said the war involving the United States, Israel and Iran could end soon, according to BBC News.The drop came a day after oil prices saw a steep rise with the Brent crude, the international oil benchmark, crossing $100 per barrel for the first time since Russia’s invasion of Ukraine. Prices later climbed as high as $119.50 per barrel during trading.
Markets began to move in the opposite direction after Trump signalled the war might not last long. Speaking in an interview with CBS News, Trump said the conflict was “very complete, pretty much” and suggested the fighting could end soon.
Following those remarks, Brent crude fell sharply and settled at $98.96 per barrel the end of Monday’s trading.
Oil prices continued to decline in early trading in Asia on Tuesday. Brent crude dropped about 8.5% to around $92.50 a barrel, while US-traded oil fell roughly 9% to about $88.60 a barrel.Story continues below this ad
Despite the fall, oil prices remain higher than before the conflict began. According to the BBC, they are still around 30% above the level seen at the start of the fighting.
Iran War: Crude Oil Price Impact
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Updating — March 10, 2026
How the U.S.-Israeli strikes on Iran sent global energy markets into turmoil — and what comes next
Brent Crude
$110
▲ +57% in 10 days
WTI Crude
$115
▲ +25% from SotU
Hormuz Impact
20%
of global supply disrupted
US Gas (avg)
$3.45
▲ +17¢ in 3 days
Brent Crude Price — Feb 24 to Mar 10, 2026
Click or tap any data point for event details
Key Events
Feb 24, 2026
Trump State of the Union
Trump boasts of gasoline below $2.30/gal. Oil markets stable. Gas nationally averaging $2.92/gal.
Brent: $70.77
Feb 28, 2026 — DAY 1
🔴 U.S.-Israeli Strikes Begin — “Operation Epic Fury”
Joint airstrikes target Iranian leadership and military infrastructure. Supreme Leader Khamenei killed. Oil surges 8% overnight.
Brent: ~$76 → $78
Mar 1–2, 2026 — Days 2–3
🔴 Strait of Hormuz Closed + Regional Attacks
Iran closes Hormuz, blocking 20% of global oil. Qatar gas facilities struck drones. Saudi Aramco’s Ras Tanura refinery hit. European gas nearly doubles. Iraq cuts 1.5M bpd.
Brent: $81.40 (+12% since conflict)
Mar 3, 2026 — Day 4
Goldman Sachs Issues Warning
Analysts warn if disruption exceeds 4 weeks, oil could hit “triple-digit territory.” $13/bbl risk premium priced in. Fair value without war: $65/bbl.
Brent: $83 (+15%)
Mar 5–6, 2026 — Days 6–7
🔴 Prices Surge Past $90; G7 Convenes
WTI records largest weekly gain since 1983 data. G7 signals readiness to tap strategic reserves. U.S. gas crosses $3.19/gal — wiping out all of Trump’s gains.
WTI: ~$91 (record weekly gain)
Mar 8–9, 2026 — Days 9–10
🟢 Trump Signals Possible End
Trump says the operation is running “ahead of schedule” and Iran has lost its navy, air force and communications. Brent briefly dips below $90. Markets partially stabilize.
Brent: ~$89–92 (volatile)
Mar 10, 2026 — TODAY
🔴 WTI Spikes to $115; Brent $110
Prices soar as conflict continues. WTI up 25%+ since State of the Union. Iran’s new supreme leader announced. EU oil coordination group convenes. Market bets on prolonged disruption.
Brent: $110 | WTI: $115
🔴 Prolonged War (8+ wks)
$130+
Storage fills, demand destruction forces market rebalancing. Triple-digit prices sustained. Global recession risk.
🟡 Base Case (4–6 wks)
$95–110
Disruptions pers but SPR releases help. Brent stays elevated through Q2 2026. US gas ~$3.50–4.00/gal.
🟢 Quick Resolution (<2 wks)
$70–80
Rapid ceasefire. Prices retrace toward Goldman’s $65 fair value as Hormuz reopens and supply normalises.
Sources: Al Jazeera · PBS NewsHour · Goldman Sachs · Fortune · OilPrice.com · BNN Bloomberg · Wikipedia / Economic Impact of 2026 Iran War · TIME · CSISData as of March 10, 2026. Prices approximate; markets remain highly volatile.
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The fall in oil prices also affected stock markets. In the United States, S&P 500 recovered from earlier losses and ended Monday’s session higher on Wall Street.
Markets in Asia also reacted to the drop in oil prices. Japan’s Nikkei 225 rose about 2.8%, while South Korea’s Kospi gained more than 5% in early trading.Story continues below this ad
Asian markets had been under pressure earlier because many countries in the region rely heavily on oil imports from Gulf countries. Higher oil prices can increase costs for businesses and governments in these economies.
Trump’s comments about the war ending soon helped ease some of the concerns in global markets, leading to the fall in oil prices and a recovery in some stock markets, the BBC said.
Meanwhile, Trump has expressed optimism about a swift resolution to the war against Iran, describing it as a “short-term excursion” aimed at eliminating threats from the Islamic Republic.
However, he also warned of severe consequences if Iran disrupts global oil supplies, particularly through the Strait of Hormuz, stating that any such action would be met with a force “TWENTY TIMES HARDER” than what Iran has faced so far.Story continues below this ad
This stance comes as oil prices surge due to the conflict, with Brent crude briefly hitting its highest level since 2022, though prices later fell on hopes of a short-lived war.
(With inputs from agencies)
