This Tuesday, 10th March 2026, the prices of petroleum products dropped after the President of the United States, Donald Trump, said the war involving Iran could end soon.
Oil prices had previously risen to more than 100 dollars per barrel on Monday, the highest level since 2022 when Russia invaded Ukraine and disrupted global energy markets.
This increase was caused by the fact that countries such as Saudi Arabia and others in the Middle East that supply oil to the world had stopped exporting it, due to the escalating conflict involving the United States and Israel against Iran. This situation created fears that the global oil supply could be disrupted.
However, those concerns began to ease after oil prices started falling again. The decline came after Russian President Vladimir Putin held a phone conversation with President Donald Trump to discuss ways to end the war in Iran, according to the Kremlin.
While speaking to journalists on Monday, President Trump said he believes the war in Iran might already be nearing its end and that Washington had completed its mission earlier than the planned timeline of four to five weeks.
However, Trump also warned that the United States could launch stronger attacks against Iran if it attempts to block oil tankers passing through the Strait of Hormuz, a critical waterway through which nearly half of the world’s oil shipments pass.
Trump said: “If Iran does anything to stop it, they will be met with very strong attacks. We will strike them hard and very quickly so they will never recover. If they want to play that game, they shouldn’t do it…
They must keep the Strait of Hormuz open, because closing it would affect other countries more than it would affect the United States, since we now have Venezuela as a very good new partner.”
He added that the United States is working to protect the world from what he described as Iran’s “reckless actions” and that the efforts are progressing successfully.
After Trump made those statements, Iran’s elite military force, the Islamic Revolutionary Guard Corps (IRGC), announced on Tuesday that they would not allow even a single liter of oil to leave the Middle East if the attacks by the United States and Israel continue.
So far, the war has claimed the lives of more than 1,330 civilians in Iran, since the United States and Israel began their attacks, while thousands of others have been injured.
RADIOTV10
