HomeMarket NewsCommodities NewsBrent crude prices see biggest intraday reversal on record after Trump says Iran war ‘will end soon’
There is still no clarity on whether ships are passing through the Strait of Hormuz, through which 20% of the global oil supply flows. The war has led to major oil producers in the Gulf, including Saudi Arabia, curb output as they run out of storage space.
By CNBCTV18.com March 10, 2026, 6: 54: 22 AM IST (Updated)
Brent crude fell over $20 per barrel from its intraday high to slide below the mark of $100 per barrel on Monday, after US President Donald Trump said that the war in Iran will end very soon.
The reversal seen in Brent, from Monday’s intraday high of $119.5 per barrel, is the largest ever drop from an intraday high to its closing price for the commodity. Prices are down another 10% this morning to trade below the $90 per barrel mark.
Futures on the West Texas Intermediate, or US crude plunged as much as 10% to $85.02 a barrel, having also crossed the mark of $115 per barrel on Monday, taking its trading range to $38, the widest since the pandemic in 2020, when prices had briefly turned negative as well.
At a news conference in Florida, Trump remarked that he plans on waiving oil-related sanctions and have the US Navy escort tankers through