Brent Retreats on Trump Comments

2026-03-09 23:21 By Jam Kaimo Samonte 1 min. read

Brent crude futures fell below $93 per barrel on Tuesday after surging to nearly $120 in the previous session, as US President Donald Trump signaled that the war with Iran may be nearing its end and that the US military operation is progressing well ahead of its initial timetable.

Trump also said he plans to waive oil-related sanctions and have the US Navy escort tankers through the Strait of Hormuz in an effort to keep oil prices in check.

Adding to the downward pressure, G7 finance ministers said the group “stands ready” to release oil from strategic reserves if necessary, although no action has been taken so far.

Oil prices had surged on Monday after major Middle Eastern producers began cutting output following disruptions in the Strait of Hormuz.

With tanker traffic heavily restricted, several key producers, including Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq, have started curbing production as storage facilities fill quickly.



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