Global energy markets experienced a dramatic reversal on Tuesday, March 10, 2026, as crude oil prices dropped nearly 11%, sliding back below the $90 per barrel mark.
The development follows a series of reassuring statements from United States President Donald Trump, who predicted a “very soon” conclusion to the ongoing military conflict with Iran.
The price of Brent crude, which had rocketed toward a four-year high of $119.50 just 24 hours earlier, settled near $88.36 in late trading. Similarly, U.S. West Texas Intermediate (WTI) fell more than 10% to approximately $85.17.
However, at the current rate, Brent crude is still $20 higher than it was before the conflict began on 28 February when it was trading at $73.
Pan-Atlantic Kompass reports that the oil prices dropped to $90 per barrel after Trump, while addressing a press conference suggested that the war in the Middle East may end soon, which helped reduce fears of extended disruptions to global oil supply.
Trump also warned that “death, fire, and fury will reign upon them (Iran)” if they stopped the flow of oil within the Strait of Hormuz.
“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.
About 20% of the world’s oil passes through the strait and the war has severely reduced sea traffic and sent global oil prices soaring.
“Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!” he said.
In response, Iran’s Revolutionary Guards said it would not allow “one liter of oil” to leave the region if attacks from the United States and Israel continue.
“We are the ones who will determine the end of the war,” a spokesperson said, according to state media.
The war involving the United States, Iran, and Israel has raised global oil prices, leading to a hike in petrol prices in Nigeria.
In Nigeria, the impact has been felt as the prices of fuel rose three times within one week.
In the latest adjustment, the Dangote Petroleum Refinery increased its ex-gantry price of petrol by N180 to N1,175 per litre.
On March 9, David Bird, the chief executive officer (CEO) of the refinery, said the plant was not immune to global oil shocks as it secures its crude on international benchmarks.
