Oil prices fell on Tuesday, March 10, 2026, after hitting an over three-year high in the prior session as United States President Donald Trump predicted the war in the Middle East could end soon.
Trump’s prediction eased concerns about prolonged disruptions to global oil supplies.
Brent futures fell $4.17, or 4.2%, to $94.79 a barrel at 0345 GMT, while U.S. West Texas Intermediate (WTI) crude was down $3.81, or 4%, to $90.96 a barrel.
Both contracts fell as much as 11% earlier before paring some losses.
Oil surged past $100 a barrel on Monday to hit their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding U.S.-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 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.
Trump to review ‘options’ on oil prices: Latest developments in Middle East war
“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 energy sector team lead at DBS Bank, Suvro Sarkar, 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 (IRGC) said on Tuesday they would “determine the end of the war,” and Tehran would not allow “one litre of oil” to be exported from the region if U.S. and Israeli attacks continued, Reuters reported.
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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