Oil Prices Retreat As Trump Says Iran War Will End Soon

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March 10, 2026 - 05:26 am EDT

Written by RTTNews.com for RTTNews->

(RTTNews) - Oil prices slumped on Tuesday after U.S. President Donald Trump said the war with Iran may not last that long.

Trump told CBS News that he thinks "the war is very complete, pretty much and they have nothing left in a military sense." Trump also added that he's thinking about taking over the Strait of Hormuz.

Benchmark Brent crude futures last traded down over 7 percent at 91.63 a barrel, recovering some early losses after finance ministers from the G7 countries broadly agreed to delay the release of oil from their strategic reserves.

WTI crude futures were down nearly 8 percent at $87.49 a barrel, after having fallen to a low of $84.45 earlier.

Trump's comments spurred hopes for a potential resolution to the U.S.-Israeli war on Iran.

However, tensions prevail, with Israel launching waves of airstrikes in retaliation for a barrage of Hezbollah rockets and missiles.

Iran launched new barrages of missile and drones at Gulf Arab states hosting U.S. military bases and Israel as supporters of the Islamic Republic staged rallies to celebrate the appointment of a new hardline leader, Mojtaba Khamenei, son of former Supreme Leader Ali Khamenei.

Iran's Revolutionary Guards have issued a stern warning, saying they would not allow "one liter of oil" to be shipped from the Middle East if military strikes by the U.S. and Israel continue.

"If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," Trump said in a social media post.

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