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Posted on 03/10/2026 4:48:51 AM PDT by Cronos
SINGAPORE: Oil prices fell on Tuesday after hitting an over three-year high in the prior 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 6.35 percent, to $92.68 a barrel at 10:24 a.m. Saudi time, while US West Texas Intermediate crude was down $6.24, or 6.58 percent, to $88.53 a barrel. Both the contracts fell as much as 11 percent earlier before paring some losses.
Oil surged past $100 a barrel on Mondayto hit their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding US-Israeli war with Iran stoked fears of major disruptions to global supplies.
Prices later retreated after Russian President Vladimir Putin held a call with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a prolonged supply disruption.
Trump said on Monday in a CBS News interview that he thinks the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four- to five-week estimated timeframe.
“Clearly Trump’s comments about a short-lived war has calmed markets. While there was an overreaction to the upside yesterday, we think there is an overreaction to the downside today,” said Suvro Sarkar, energy sector team lead at DBS Bank, adding that the market is underappreciating risks at these levels for Brent.
“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.
In response to Trump, Iran’s Islamic Revolutionary Guards Corps said they would “determine the end of the war,” and Tehran would not allow “one liter of oil” to be exported from the region if US and Israeli attacks continued, state media reported on Tuesday, citing the IRGC’s spokesperson.
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.
“Discussions around easing sanctions on Russian oil, comments from Donald Trump hinting that the conflict could eventually de-escalate, and the possibility of G7 countries tapping strategic oil reserves all pointed to the same message — that oil barrels will somehow continue to reach the market,” said Phillip Nova analyst Priyanka Sachdeva in a note on Tuesday.
“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 release emergency reserves.
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I am so thankful to God for giving us President Trump.
God...watch over him and his family.
I hope the speculators who bought at >$95/bl receive a soaking oil bath.
Maybe Trump should start charging a toll on all ships passing through the Straight to pay for safe passage. Or at least on any ship going to China.
That said, I can see how the oil in the Gulf will start moving unfettered again as soon as we get rid of Iran's ability strike ships to the point at which insurance companies agree that the threat to tankers has been removed).
Never heard a peep from the left when ByeDuhn caused oil prices to soar.
But wait...I thought the democRATS hated oil. Guess not.
I would love to see Iran called Persia again before it hits its 100th birthday.
EC
There will soon be the lowest prices evah!
But...but...just YESTERDAY there were all kinds of posts from The Enemy Media that we were going to have another oil ‘crisis’ and ‘Orange Man Bad!’
Who to believe? Who to believe? *SMIRK*
P.S. I just read that the 4th of July Fireworks are on again this year at Mount Rushmore! MAGA! :)
This will all pass eventually, but things will get worse before they get better. I’m preparing myself for some pain at the pumps.
At my age? I'm preparing for pain no matter WHERE I am.
Ow! My back! My hip! Ow!
We won’t see any relief here in California at the pump, the highest prices in the nation will continue.
Take heed, America, if Newsom is the Democrat candidate in 2028. He’ll happily bring these high prices (nothing under $5.00/gallon) nationwide in order to fight “climate change” and “carbon emissions.”
Iran is the side rejecting ceasefires and if the Iranians are telling the truth about still having their most advanced missiles left, it's not going to be easy to get out of this quickly or without us and Israel making concessions.
WTI down to $83.77.
There was nearly a glut before the strait closed. When those supplies work through we’ll see another surge in price if the strait is still effectively closed.
And that’s probably Iran’s foremost strategic objective at this point, other than survival.
And so you can see here in most cases that the price of oil is not about the cost of oil, but instead it is about a bunch of speculators running a casino.
The question is “is it over over”? Are we in the wrap up phase of the Iran war? Or as some has said, will it go into September? Oil seems to think it is mostly over.
When gas prices spiked under Biden, Peppermint Patty at the podium told us this was all due to Putin.
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