News

CRUDE OIL PRICES DROP FOR FIRST TIME SINCE IRAN, US-ISRAEL WAR

March 10, 2026 • Dons Eze • 1 min read

Global crude oil prices fell on Tuesday for the first time since February 28, 2026, when the conflict involving Iran, the United States and Israel commenced.

Checks showed that the Brent and West Texas Intermediate (WTI) crude benchmarks declined to $91.11 and $86.93 per barrel, respectively, after previously trading close to $100 per barrel.

The drop followed remarks by the President of the United States, Donald Trump, who suggested that the ongoing conflict with Iran could soon come to an end.

Speaking in an interview with CBN News on Monday, Trump said, “I think the war is very complete, pretty much”.

He added that the US was “very far ahead of schedule”.

His comments triggered a swift reaction in the oil market, with WTI crude slipping below $90 per barrel on Monday.

The decline follows nearly ten days of rising crude prices, which had surged from around $67 per barrel.

The escalation had disrupted activities around the strategic Strait of Hormuz shipping route and led to the shutdown of some refineries in Saudi Arabia and Qatar, leading to a spike in global oil prices.

Dons Eze

DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.