Global crude oil prices experienced a sharp reversal on Monday, pulling back significantly after nearing $120 per barrel earlier in the day Both the Brent and West Texas Intermediate (WTI) benchmarks retreated from their highs following comments from former US President Donald Trump, which suggested a potential end to the ongoing US-Israeli war on Iran
As of 23:21 UTC on March 9, 2026, the market showed a distinct reaction to the prospect of de-escalation in the Middle East conflict The comments, though not detailed in the report, were sufficient to ease market fears of a prolonged and wider conflict that could severely disrupt global energy supplies For most of the day, prices had remained around the $100 mark before their sharp, brief spike and subsequent fall
The market volatility comes as Gulf countries have reportedly begun to cut oil production, a factor that would typically drive prices higher However, the hint of a potential resolution to the war in Iran has, for now, overshadowed concerns about tightening supply, highlighting the sensitivity of energy markets to geopolitical developments Further details on the nature of Trump's comments or the current status of the conflict were not immediately available
ISN MEDIA
