Crude oil prices slide to $105/bbl after Netanyahu’s statement on drone strikes, Brent down 2.3%; US stocks close lower

Crude oil prices in the global market dropped to near $105 per barrel (bbl) zone during the early hours on Friday, March 20, 2026, after Israeli Prime Minister Benjamin Netanyahu’s official statement, that the United States was not involved in the recent attacks on Iran’s key energy resources.

During a press conference at Jerusalem on March 19, Netanyahu said that Israel “acted alone” in attacking the Iranian gas field in the South Pars region, which is part of the largest natural gas field in the world.

After surging to a high of $119.13 per bbl during the trading session on March 19, the Brent crude oil prices witnessed a relief amid the ongoing tensions in West Asia between the United States and Iran. The crude prices were just shy of hitting a fresh record high again on Thursday, however the prices did not surpass $119.50 per bbl, the previous record high level.

The West Texas Intermediate (WTI) crude oil prices surged past the $100 per bbl psychological mark to a high of $100.44 per bbl during Thursday’s market before cooling to its current levels on Friday along with Brent.

Oil prices today

Brent crude oil prices were trading 2.10% lower at $105.53 per bbl as of 7:27 a.m. (IST) on Friday, March 20, 2026, compared to the previous market close at $107.79 per bbl at the previous market close, according to Investing.com data.

The WTI crude oil prices were trading 2.72% lower at $92.95 per bbl as of 7:28 a.m. (IST) on Friday, compared to the previous market close level of $95.55, according to the data. The crude oil prices are still subject to the market volatility due to the dynamic geopolitical situation in West Asia.

Why are oil prices falling today?

Oil prices have been falling around the global market ever since Israeli Prime Minister Benjamin Netanyahu’s official statement, that the United States was not involved in the drone strikes carried out on the Iran-owned gas fields in South Pars.

The attacks intensified the geopolitical situation in West Asia as the strike were carried out on key energy resources, a move which led to Iran retaliating with further missile strikes on other energy infrastructure in Qatar.

In a Truth Social post on Thursday, Donald Trump also clarified that the United States was not aware of this attack, and neither did Iran know that the US was not involved in the attacks. He called for no more attacks to be made from Israel’s side on key energy resources in the region.

However, local media reported that in Netanyahu’s open statement, the leader said, “We are continuing to crush these capabilities. We will crush them to dust, to ashes.” A statement which also shows the conflict is still in effect.

According to a recent BBC report, this fallout between the United States and Iran is raising a broader question on what are the upcoming intentions of Trump and Israel amid the ongoing conflict in the region.

US stocks close lower

The benchmark US stock market indices closed lower after the trading session on March 19, 2026, due to the concerns looming over a potential inflation uptick in the US economy after the US Federal Reserve’s decision, and the ongoing conflict in West Asia. The US Fed said that the impact of the West Asia crisis is set to be analysed for the US economy.

The Dow Jones Industrial Average closed 0.44% lower at 46,021.43 points, compared to 46,225.15 points at the previous market close, according to MarketWatch data. Stocks like Chevron Corp., Cisco Systems, Goldman Sachs, and Salesforce were among the gainers, while others like Boeing, McDonald’s, 3M, and UnitedHealth Group were among the losers.

The S&P 500 index closed 0.27% lower at 6,606.49 points, compared to 6,624.70 points at the previous market close level, MarketWatch data showed. Stocks such as Ciena Corp., Seagate Tech, and Baker Hughes were among the gainers, while Fair Isaac Corp., Newmont Corp., and Mosaic Co were among the losers.

The Nasdaq Composite closed 0.28% lower at 22,090.69 points, compared to 22,152.42 points at the previous market close, according to the data. Stocks like Wetour Robotics, Linkers Industries, and Duluth Holdings were among the top gainers, while others like MDJM, U Power, and Reviva Pharma were among the losers.