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Tue, 10 Mar 2026

Tue, 10 Mar 2026 Faisal Islam: Trump comments may have eased oil price surge, but havoc remains

It has been the most volatile day of oil trading in world history, and there is much still to play out.

* Oil price soared to almost $120 a barrel, but was tempered by speculation of a 300 million-barrel release from emergency stockpiles.
* The oil price then plummeted after US President Donald Trump's comments suggested a pivot away from a long-term war.
* The global oil consumption is around 104 million barrels per day, so the proposed release would have made up less than three days' worth of supply.
* The G7 finance ministers decided not to tap the reserves immediately and instead require other support measures.
* The US has been pushing for Russia to be part of a solution through waivers against sanctions.
* China, India, and South Korea are key customers for physical supply of Gulf oil and gas, so their involvement is crucial.
* Gas tankers from the US are now heading to Asia instead of Europe due to changes in trade routes.
* Jet fuels and raw materials for fertiliser production are also affected by the conflict.
* The markets have responded positively to President Trump's comments, but the situation remains volatile.