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Tue, 10 Mar 2026

Tue, 10 Mar 2026 Oil prices fall after Trump warns Iran over Strait of Hormuz

The oil price reached nearly $120 a barrel on Monday over fears of lengthy disruption to supplies.

* Oil prices fell by 6% on Tuesday after US President Donald Trump warned Iran not to block a shipping route crucial to global energy supplies.
* Brent crude was trading at $93.05, down from Monday's peak of almost $120 a barrel.
* Nymex Light Sweet also fell by 6.1% to $88.96.
* Energy markets remain volatile and sensitive to developments in the Middle East conflict.
* Share prices in Asia made gains as concerns about the economic impact of the conflict eased, with Japan's Nikkei 225 up 3.3%.
* The Strait of Hormuz is a critical shipping route, through which around one-fifth of the world's oil passes.
* Prices are likely to remain volatile and may spike if the conflict escalates or fall if it seems to be easing.
* G7 nations have said they are ready to take necessary measures to address global energy supplies.
* UK Chancellor Rachel Reeves urged for immediate de-escalation in the Middle East and guaranteed security for vessels in the region.