Oil Retreats as Fears of Prolonged Middle East Supply Disruptions Ease -- Market Talk

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Oil Retreats as Fears of Prolonged Middle East Supply Disruptions Ease -- Market Talk

Dow Jones03-10 15:44

0741 GMT - Oil prices retreat sharply, extending losses from the previous session after President Trump said the war in Iran will end "very soon." Brent crude falls 8.1% to $90.92 a barrel, while WTI is down 7% to $80.56 a barrel, after both benchmarks hit their highest levels since 2022. "Trump's words will only go so far," analysts at ING say. "Ultimately, the market will need to see a resumption of oil flows through the Strait of Hormuz to sustain a move lower in oil prices." Trump also said the U.S. would be removing oil-related sanctions on certain countries as a way to lower prices. However, analysts say that relaxing sanctions on Russia would probably do little to boost global supply, given the country has already been navigating around existing restrictions. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

March 10, 2026 03:44 ET (07:44 GMT)

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