Crude oil price tanks after Donald Trump signals Iran conflict to be over ‘very soon’; Brent down over 27%

Crude oil prices tanked during the early trading session on Tuesday, March 10, 2026, after United States President Donald Trump’s recent remarks over a potential de-escalation of the raging US-Iran conflict, which is set to end “very soon.” Both Brent and WTI futures dropped during the trading session.

As of 7:29 a.m. (IST), the Brent crude oil futures (May contract) were trading 0.74% lower at $88.32 per barrel (bbl) on Tuesday, compared to $89 per bbl at the previous market close, according to Investing.com data.

While the West Texas Intermediate (WTI) crude oil futures (April contract) were trading 9.95% lower at $85.29 per bbl as of 7:32 a.m. (IST), compared to the previous market close level at $94.77 per bbl.

Oil prices dropped soon after President Trump’s comments that the war in West Asia is likely to end soon, easing the overall tensions looming over the global market investors. At a conference in Florida, Donald Trump said that the US is “achieving major strides towards completing our military objectives,” signalling that the war is likely to be over soon.

“This was just an excursion into something that had to be done,” said Trump. “We’re getting very close to finishing that, too,” he said, cited NBC News from the Florida press conference.

How much did oil prices drop today?

Brent crude oil prices hit a record high of $119.50 per bbl during the trading session on Monday, March 9, 2026, over the raging tensions of supplies amid the US-Iran conflict. However, soon after the G7’s comments and Trump’s signal, crude oil prices cooled from their highs.

Brent crude futures dropped more than 27% to $86.93 per bbl during the early trading session on Tuesday, while the WTI crude futures fell 30% to $83.17 per bbl, according to the data collected from Investing.com.

Trump’s comments aside, the G7 nations on Monday also said that they were prepared to impose ‘necessary measures’ in response to the rising global oil prices. However, they did not commit to releasing any emergency oil reserves in the market amid the raging conflict, reported the news agency Reuters.

“We are not there yet,” said Roland Lescure, French Finance Minister, after hosting a teleconference with G7 finance ministers, as per the report. “What we’ve agreed upon is to use any necessary tools if need be to stabilise the market, including the potential release of necessary stockpiles.”