Oil prices fell sharply after a period of extreme volatility driven by geopolitical tensions in the Middle East. Earlier in the week, the U.S.-Israel-Iran conflict effectively shut down the Strait of Hormuz, with no oil tankers passing through—a vital choke point for about one-fifth of global oil shipments, according to Sky News.
This led to Brent crude surging over 20% in a single day, the biggest spike in six years, Sky News reported.
However, the 31% drop came after a major policy shift: the G7 announced it was considering releasing up to 400 million barrels of oil into the market to ease supply constraints, according to MSN. This large-scale intervention directly countered the supply shock from the Iran war, reducing fears of a prolonged shortage.
At the same time, traders calmed down, and President Trump publicly called the Iran war “complete.” Speculative trading ended. In short, the 31% drop was a combination of G7 supply injections, resolution of the immediate conflict, and trading behavior driven by overbought sentiment after a week of record highs.
Donald Trump said the war in Iran was “very complete” after an hour-long phone call with Vladimir Putin.
In a phone interview with CBS News, President Trump stated that the U.S. war with Iran is nearing its end far ahead of schedule. “I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no Air Force.”
He added that the U.S. is “very far” ahead of his initial 4-5 week estimated timeline.
Trump also floated the possibility of the U.S. “taking over” the Strait of Hormuz to ensure more ships can move through safely. “They’ve shot everything they have to shoot, and they better not try anything cute, or it’s going to be the end of that country.”
He has to straighten out the Strait of Hormuz. The war can’t be over until that is dealt with.
JUST IN: In a phone interview with CBS News, President Trump stated that the U.S. war with Iran is nearing its end far ahead of schedule. “I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no Air Force.”
He added that the U.S. is… pic.twitter.com/qnauBNhIbl
— RedWave Press (@RedWavePress) March 9, 2026
The French are sending frigates to open the Strait of Hormuz.
PRESIDENT TRUMP on when the war in Iran will end: “I think soon, very soon. Look, everything they have is gone, including their leadership.” pic.twitter.com/ke0omxUETI
— Fox News (@FoxNews) March 9, 2026
A short-term excursion?
President Trump called the Iran war a “short-term excursion.”
Follow: @AFpost pic.twitter.com/mwDx0EikXM
— AF Post (@AFpost) March 9, 2026
The following statement by Pete Hegeseth was only five days ago, on March 4th. What happened? Instead of four to five weeks, it was four or five days?
We have only just begun to fight. pic.twitter.com/HI2mifVy4W
— Secretary of War Pete Hegseth (@SecWar) March 4, 2026
I paid $4.99/gal for regular gas in Washington today. Our prices have never dropped below $4.29 during the past year. Why are Americans being punished by greedy oil companies, as little of our oil passes through the straights of Hormuz? Let the chicken-livered Europeans pay steep prices, as America’s oil comes from our own wells and I presume from Venezuela.
Trump is backing out of his incredible blunder in Iran. An injection of 4 days worth of worldwide oil consumption would not solve the oil crisis underway. Trump could not possibly protect the Strait without a big invasion of Iran and many thousands of USA deaths. So we have gone from 72 hours to 6 months to now it is… Read more »
I think you are way off base. Trump was being Trump with the long timeline of weeks and months. The spice will flow again very soon.