Crude oil price slides further as investors react to Trump’s Hormuz Strait intervention; Brent loses 3.7%

Crude oil prices recorded a further downwards slide during the early market session on Wednesday, March 11, 2026, as investors reacted to United States President Donald Trump’s intervention in the global oil trade flow via the Strait of Hormuz amid the ongoing conflict with Iran.

As of early trading session at 7:22 a.m. (IST), the Brent crude futures were down 3.7% at $87.84 per barrel (bbl) on Wednesday, compared to $91.05 per bbl at the previous market close, according to Investing.com data.

However, the prices rose 0.88% to $88.59 per bbl as of 8:05 a.m. (IST) amid Trump’s move to destroy inactive mine laying boats in the Strait of Hormuz on March 11.

The West Texas Intermediate (WTI) crude traded at the NYMEX were also down 0.20% to $83.28 per bbl as of 7:30 a.m. (IST) on Wednesday, before rising 1.15% to $84.43 per bbl as of 8:06 a.m. (IST), compared to $83.45 at the previous commodity market close, the Investing.com data showed.

Global oil prices continued their downward trend after hitting a record high of $119.50 per bbl on Monday after Donald Trump’s indication of a near-term end to the trade war and an intervention in support for the global oil trade through the Strait of Hormuz near the Persian Gulf in West Asia, a key trade chokepoint for the international maritime transport.

Earlier on Tuesday, Trump also said that the United States is close to completing their military objectives as the US-Iran conflict in West Asia has the potential to end soon. The oil prices also dropped as investors reacted to the International Energy Agency’s largest release of oil reserves to bring down crude prices, reported Wall Street Journal.

According to the report, the strategic release will potentially exceed 182 million barrels that the IEA member countries put out onto the market back in 2022 during the Russia-Ukraine conflict.

Trump’s Hormuz Strait intervention

US President Donald Trump through his social media post on Truth Social on March 11, disclosed that the United States has “hit and completely destroyed” 10 inactive mine laying boats near the Hormuz Strait after his threat to Iran.

“I am pleased to report that within the last few hours, we have hit, and completely destroyed, 10 inactive mine laying boats and/or ships, with more to follow!” said Trump in his post.

In a separate post on Wednesday, Trump also called out that if Iran has laid out any mine in the Strait of Hormuz, then the United States asked for its immediate removal. However, Trump also said that they don’t have any reports of any such move, but it served as a warning call.

“If Iran has put out any mines in the Hormuz Strait, and we have no reports of them doing so, we want them removed, IMMEDIATELY! If for any reason mines were placed, and they are not removed forthwith, the Military consequences to Iran will be at a level never seen before. If, on the other hand, they remove what may have been placed, it will be a giant step in the right direction!” said Trump on Truth Social.

This comes after Trump through his earlier post on Truth Social threatened Iran that if the country does anything to stop the flow of oil trade through the Strait of Hormuz then they will be “hit… twenty times harder than they have been hit thus far.”