Oil prices drop below $84 per barrel amid market volatility

Crude oil price has fallen on the international market following US President Donald Trump's reassurance of a possible end to the ongoing Middle East tensions.

Brent crude rose to $108 per barrel on Monday, March 9, 2026, as the war intensifies between Israel and Iran, with fears of a deepening energy supply crisis.

The increase marked the largest price jump since Russian invasion of Ukraine, when crude prices soared well above the $100 mark.

Another major producer, Iraq, has also started cutting production.

Brent fell to $91.58 per barrel in the hours after the US president described the war on Iran as “very complete, pretty much,” in an interview with CBS News.

Crude oil price hits $108 per barrel

Tehran declared that it would not allow “one litre of oil” to be exported from the region if US and Israeli attacks continue, Iranian state media reported on Tuesday, citing a spokesperson for the regime’s Revolutionary Guards (IRGC).

Prices later stabilised on Monday, trading after reports over President Trump's reassurance comment.

Brent crude is currently selling at $84 per barrel, down from it highest record in the past week.

About a fifth of global oil and seaborne gas tankers typically pass through the strait, which has already in effect been closed for a week, heightening concerns over energy supplies which have propelled prices higher.

Since the start of the conflict with Iran, the $100 per barrel level has been widely viewed by analyst as a psychologically significant threshold that could trigger global inflationary pressures and volatility in financial markets.

SP/AE

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