LONDON — Oil prices plummeted on Tuesday, March 10, 2026, following remarks by U.S. President Donald Trump suggesting the conflict with Iran would conclude “very soon.” The market reaction underscores the sensitivity of global oil supplies to geopolitical events in the Middle East.
Brent crude, the international benchmark, fell 7% to $91.8 per barrel, while West Texas Intermediate (WTI), the U.S. Benchmark, dropped over 6% to around $88.6 per barrel. These prices compare to $73 and $67, respectively, prior to the U.S. And Israeli attacks against Iran on February 28.
The shift in market sentiment came after Trump described the war as a “short-term excursion” during a telephone interview with CBS. “I think the war is practically over,” he stated, according to reports.
The price decline reverses a sharp increase seen earlier in the week, when Brent crude briefly surpassed $120 per barrel on Monday, reaching its highest level since the Russian invasion of Ukraine in 2022.
Saudi Aramco, the world’s largest oil exporter, cautioned about the “catastrophic” consequences for oil markets should flows through the vital Strait of Hormuz be disrupted. This highlights the strategic importance of the waterway for global energy security.
Trump also indicated that the U.S. And Israel were making significant progress in the conflict, neutralizing Iran’s military capabilities. “They don’t have an army, they don’t have communications, they don’t have an air force. Their missiles are scattered. Their drones are being destroyed everywhere, including their drone factories. If you look, they have nothing left. Nothing left in terms of military,” he said.
While expressing a desire for a swift resolution, Trump acknowledged that the conflict might not end this week.
The developments follow a period of heightened tension in the region, with both sides engaging in military actions. Iran has reportedly responded to the strikes by launching drones and missiles against targets across the Middle East.
Despite Trump’s optimistic outlook, Iranian officials have dismissed the possibility of a ceasefire. Mohammad Bagher Qalibaf, the speaker of the Iranian Parliament, stated that the country has no interest in a truce, and Foreign Minister Abbas Araghchi indicated that talks with the U.S. Are “not on our agenda.”
Asian stock markets also responded positively to Trump’s comments, with shares rebounding as expectations of a near-term end to the conflict grew, according to Infobae.
Trump also suggested a willingness to engage in dialogue with Iranian officials, though this prospect appears unlikely given the current stance of the Iranian government. El Financiero reports that the conflict could potentially cool the increase in gas and oil prices.
