Oil prices tumbled sharply on Tuesday, with Brent crude dropping $4.17 (4.2%) to $94.79 per barrel and WTI falling $3.81 (4%) to $90.96 per barrel, after surging past $100 the previous day amid fears of prolonged supply disruptions from the escalating US-Israeli conflict with Iran.
The sharp reversal came after US President Donald Trump stated in a CBS News interview that the war “is very complete” and progressing far faster than his initial 4–5 week estimate. Markets were further calmed by reports of Russian President Vladimir Putin sharing peace proposals with Trump during a recent call.
PRESIDENT TRUMP on when the war in Iran will end: "I think soon, very soon. Look, everything they have is gone, including their leadership." pic.twitter.com/ke0omxUETI
— Fox News (@FoxNews) March 9, 2026
Analysts noted the pullback reflects fading “panic premium,” though risks remain high — Middle Eastern benchmark grades like Murban and Dubai are still trading above $100, Saudi-led supply cuts continue, and Iran’s IRGC warned it will block all regional oil exports if attacks persist. Trump is also reportedly considering easing sanctions on Russian oil and tapping emergency stockpiles to cool prices further.
While the immediate overreaction has eased, experts caution that ground realities in the Middle East have changed little, leaving global energy markets on edge.
