Oil Prices Drop After Trump Predicts Middle East Peace

Global oil prices fell on Tuesday, March 10, 2026, after hitting a three-year high in the prior session, following U.S. President Donald Trump’s remarks predicting that the Middle East war could end soon. Brent crude futures dropped $4.17, or 4.2%, to $94.79 per barrel, while WTI fell $3.81, or 4%, to $90.96 per barrel. Both contracts had earlier declined as much as 11% before paring losses.

Oil had surged past $100 a barrel on Monday amid supply cuts by Saudi Arabia and other producers and ongoing U.S.-Israeli strikes in Iran, sparking fears of major disruptions to global energy flows. Markets calmed after Russian President Vladimir Putin held a call with Trump, sharing proposals aimed at a quick settlement, easing concerns about a prolonged supply disruption.

Trump told CBS News on Monday that he considers the war “very complete” and claims the U.S. is “very far ahead” of his original four- to five-week estimated timeframe. He suggested the conflict could be short-lived: “Clearly Trump's comments about a short-lived war has calmed markets,” said Suvro Sarkar, energy sector lead at DBS Bank.

Sarkar noted that benchmark Middle Eastern oil grades, including Murban and Dubai, remain well above $100 per barrel, so the underlying supply risks have not changed significantly. Nonetheless, traders responded to signals of possible de-escalation, prompting a retreat from the prior session’s spike.

Despite the price retreat, Iran’s Islamic Revolutionary Guards Corps (IRGC) reaffirmed that it would “determine the end of the war” and block “one litre of oil” from leaving the region if U.S.-Israeli attacks continue, state media reported on Tuesday.