10 March,2026 02:18 PM IST | New Delhi | mid-day online correspondent
Crude oil prices fall by 30 per cent as global tension seems to ease down. Representational image
While the LPG shortage in India has been creating a ruckus, the oil prices, on the other hand, declined sharply on Tuesday. Trading below USD 90 per barrel, the prices fell by almost 30 per cent after US President Donald Trump predicted the war in the Middle East could end soon.
Brent futures declined as much as 10.85 per cent to an intraday low of USD 88.22 per barrel from the previous close of USD 98.96 per barrel. At the last count (around 11 am), they were trading at USD 92.50, down 6.44 per cent, reported IANS.
Meanwhile, crude oil futures in the commodity market on Tuesday traded at USD 87.94 per barrel, down more than 7 per cent. However, they touched an intraday low of USD 84.43, down 29.33 per cent from the all-time high of USD 119.48.
The easing in oil prices came after the American President hinted at de-escalation in the Middle East conflict.
Earlier on Monday, oil prices had climbed past USD 100 a barrel as the conflict involving Iran disrupted energy flows through the Strait of Hormuz and rattled global markets.
Earlier, Trump said on his social media platform that higher oil prices were a temporary cost linked to confronting Iran's nuclear threat.
While taking it to the social media platform TruthSocial, Trump wrote, "Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, are a very small price to pay for U.S.A. and world safety and peace."
Oil prices declined after Trump also stated that the American campaign against Iran would conclude "very soon", describing victory as the point when Tehran no longer can develop weapons that could threaten the United States, Israel, or their allies.
Trump also cautioned Iran against attempting to disrupt global energy supplies through the Strait of Hormuz, one of the world's most critical oil shipping routes.
"The Strait of Hormuz is going to remain safe," he said, adding that the US has a strong naval presence in the region. "We have a lot of Navy ships there," as per IANS.
Earlier this month, the United States and Israel carried out major strikes on Iranian targets as part of a joint military effort. The attacks aimed to weaken Tehran's military strength and nuclear capabilities.
On the other hand, Union Finance Minister Nirmala Sitharaman in Parliament said that the recent rise in global crude oil prices is unlikely to have a significant impact on inflation in India for now, noting that inflation currently remains close to the lower end of the target range.
(With inputs from IANS)
