Oil prices fell over 15% on March 10 due to Iran war impacts. WTI dropped to $80 a barrel. Fatih Birol called an IEA meeting. G7 requested emergency oil scenarios. Trump pledged naval escorts.
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Oil prices extended losses on Tuesday, March 10, falling more than 15% as global leaders signalled measures to contain the impact of the Iran war on energy markets. West Texas Intermediate (WTI) dropped to trade near $80 a barrel following heavy declines on Monday.
Yesterday’s $35/barrel swing, falling from $119 a barrel to $84 a barrel in a single session, officially marks crude oil’s biggest intraday swing in dollar terms on record.
International Energy Agency Executive Director Fatih Birol said he convened an “extraordinary meeting” of the intergovernmental group to assess market conditions. The Group of Seven nations has requested the agency prepare scenarios for releasing emergency oil stockpiles amid Middle East tensions.
US President Donald Trump earlier pledged naval escorts for tankers passing through the strategically vital Strait of Hormuz.
Also read: Crude oil prices could climb back above $100 as supply risks linger: Trading.com CEO
Despite the decline, prices remain over 40% higher than the start of the year, as the near closure of the Hormuz Strait continues to pressure producers to limit output with each day of the conflict.
