New Delhi, March 10: Oil prices experienced a significant decline on Tuesday, falling below $100 per barrel due to expectations of reduced tensions with Iran in the Middle East.
Brent crude futures dropped by $6.51, or 6.6%, settling at $92.45 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell by $6.12, or 6.5%, to $88.65.
This decrease in oil prices followed a statement from President Donald Trump, who indicated that the U.S. campaign against Iran would “soon” come to an end. Trump characterized the victory as the point at which Tehran would no longer have the capability to develop weapons that could pose a threat to the U.S., Israel, or its allies.
He also warned Iran against attempting to disrupt global energy supplies through the Strait of Hormuz, one of the world’s most crucial oil transport routes. “The Strait of Hormuz will remain secure, as many of our naval ships are deployed there,” he stated.
The Strait of Hormuz is a narrow passage connecting the Gulf to the Arabian Sea, and it is vital for the export of a significant portion of crude oil from Gulf producers. Any threat to this route raises major concerns for global energy markets.
Earlier this month, the U.S. conducted significant strikes on Iranian positions in a joint military operation with Israel aimed at weakening Iran’s military and nuclear capabilities.
On Monday, oil prices had surged to multi-year highs, with Brent crude reaching $119.50 and WTI hitting $119.48, marking the highest levels since 2022.
Finance Minister Nirmala Sitharaman stated in Parliament on Monday that the rise in global crude oil prices would not significantly impact inflation rates in India, as the country’s inflation is currently near its “minimum threshold.”
She noted that until geopolitical conflicts in West Asia began on February 28, 2026, the prices of crude oil imported by India had been steadily declining over the past year.
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My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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