Oil prices drop after Trump says Iran war could end ‘very soon’Oil prices fell on Tuesday after hitting a more than three-year high in the previous session as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies. Brent futures fell $6.28, or 6.3%, to $92.68 a barrel at 0715 GMT, while US West Texas Intermediate (WTI) crude was down $6.19, or 6.5%, to $88.58 a barrel. “Murban and Dubai grades are still well above $100 per barrel, so practically nothing much has changed in terms of ground realities,” he added, referring to benchmark Middle Eastern oil grades. Prices, however, remain under pressure as Trump considers easing oil sanctions on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices, according to multiple sources. “Once traders sensed that supply routes could still be maintained, the initial ‘panic premium’ that had pushed prices above the $100 mark yesterday started to fade, and oil prices quickly pulled back.”G7 nations had said on Monday they were prepared to implement “necessary measures” in response to surging global oil prices but stopped short of committing to the release of emergency reserves.

Source: Daily Nation March 10, 2026 13:56 UTC