Is Crude Oil Price Going Down Soon Amidst Iran Conflict? Trump Declares 'War Is Almost Over'

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 of military activity affecting energy infrastructure in the region. Concerns about shipping through the Strait of Hormuz, a key route for global oil supplies, contributed to the rise in crude prices earlier in the week.

Approximately 20 per cent of the world's oil supply moves 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.

Oil Prices Fall After Trump Comments

Market activity shifted on 9 March 2026 after US President Donald Trump addressed the 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'.

Following the comments, Brent crude dropped below $90 (£66.85) per barrel, reversing the earlier surge in prices recorded during the week. Trading data showed 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.

Strait of Hormuz and Energy Supply

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.

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.

Reports from the Associated Press earlier in the week described missile strikes and refinery damage connected to the conflict. These events were followed by heightened security conditions around shipping operations in the Gulf region.

Government Response and Supply Measures

Energy officials in several countries have stated that emergency supply options remain available if oil shipments are disrupted. Governments can release crude from strategic petroleum reserves or coordinate production increases with other oil-producing nations.

Strategic reserves are maintained by many countries to stabilise markets during supply interruptions. Similar measures have been used during previous geopolitical conflicts that affected oil infrastructure or shipping routes.

For now, global oil shipments continue to move through the Strait of Hormuz under increased security monitoring.

Markets Watch Developments in the Conflict

Oil prices continued to fluctuate as traders monitored developments related to the Iran conflict and statements from political leaders. The decline in crude prices on 9 March followed Trump's remarks suggesting the military campaign could soon conclude.

Energy markets remain focused on reports from the Middle East, particularly updates affecting refinery operations, shipping routes and regional security conditions.

For the time being, crude prices continue to react to developments linked to the conflict and the stability of oil transport routes in the Gulf region.