Blitz Bureau
NEW DELHI: Crude oil prices declined sharply on March 10, trading below $90 per barrel after US President Donald Trump predicted the war in the Middle East could end soon. Brent futures declined as much as 10.85 per cent to an intraday low of $88.22 per barrel from the previous close of $98.96 per barrel. At the last count (around 11 am), they were trading at $92.50, down 6.44 per cent.
Meanwhile, crude oil futures were trading at $87.94 per barrel, down more than 7 per cent. However, they touched an intraday low of $84.43, down 29.33 per cent from the all-time high of $119.48. The easing in oil prices came after the American President hinted at de-escalation in the Middle East conflict.
On March 9, oil prices had climbed past $100 a barrel as the conflict involving Iran disrupted energy flows through the Strait of Hormuz and rattled global markets.
Earlier, Trump said on his social media platform that higher oil prices were a temporary cost linked to confronting Iran’s nuclear threat. “Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A. and world safety and peace,” Trump wrote on Truth Social. “ONLY FOOLS WOULD THINK DIFFERENTLY!”
Oil prices declined after Trump also stated that the American campaign against Iran would conclude “very soon,” describing victory as the point when Tehran no longer has the capability to develop weapons that could threaten the United States, Israel, or their allies.
