Global oil markets moved sharply this week following developments related to the conflict involving Iran. Brent crude reached a high of $119.50 (£88.74) per barrel before declining later in trading as new political statements suggested the fighting could be nearing an end.
The initial price increase followed reports ofmilitary activity affecting energy infrastructurein the region. Concerns about shipping through theStrait of Hormuz, a key route for global oil supplies, contributed to the rise in crude prices earlier in the week.
Approximately20 per cent of the world's oil supplymoves through the narrow waterway between Iran and Oman. Reports of missile strikes and refinery disruptions in the region raised concerns about potential interruptions to tanker traffic and the movement of crude oil to global markets.
Market activity shifted on 9 March 2026 after US PresidentDonald Trump addressedthe status of the conflict. During remarks about the military situation, Trump said the war against Iran was 'very complete, pretty much' and added that the fighting could end 'very soon'.
"In the long run, oil supplies will be dramatically more secure without the threat of Iranian ships, drones, missiles, nuclear menace, or anything." - President Donald J. Trump 🇺🇸pic.twitter.com/YJTWElixm0
Following the comments, Brent crude dropped below $90 (£66.85) per barrel, reversing the earlier surge in prices recorded during the week.Trading datashowed the benchmark falling by more than 7 per cent in a single session.
West Texas Intermediate crude, the main US benchmark, also declined after the remarks. The price movement followed the earlier increase that had been driven by reports of attacks on regional infrastructure and possible risks to shipping routes.
The Strait of Hormuz remains one of the most important corridors for global energy shipments. Oil produced in several Middle Eastern countries passes through the waterway before reaching markets in Asia, Europe and North America.
(@realDonaldTrump- Truth Social Post )( Donald J. Trump - Mar 09 2026, 8:30 PM ET )If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been…pic.twitter.com/q1TQrSLtkn
Any disruption to tanker traffic in the area can affect global oil supply. Security incidents in the region have historically led to sudden changes in oil prices as traders respond to developments affecting production and transportation.
Source: International Business Times UK
