Oil prices sink as Trump talks Iran war end, supply relief in Oil & Companies News 10/03/2026 Oil prices fell on Tuesday, extending losses after a whipsaw session as U.S. President Donald Trump talked up an end to the Iran conflict while also flagging measures to help offset crude supply disruptions. But crude recovered from its intraday lows, as Trump offered few direct cues on just when the conflict could end. A harsh response from Tehran on any potential deescalation also kept markets on edge over any disruptions in supply. Brent oil futures for May fell 5.4% to $93.61 a barrel by 01:02 ET (05:02 GMT), while West Texas Intermediate crude futures fell 5.6% to $86.34 a barrel. Oil sinks as Trump talks Iran war end, supply relief Declines in crude came after Trump said in multiple instances on Monday that an end to the Iran war was close, although he did not provide a clear timeline. Trump also cautioned Iran against blocking the Strait of Hormuz, warning of dire military consequences for the Islamic state. Iran responded by stating that it will block the key shipping lane as long as U.S. and Israeli strikes continue, and that Tehran will decide when the war will end. Trump raised the possibility of allowing some waivers on oil sales by sanctioned entities, chiefly Russia, to help stem supply disruptions in the Middle East. Last week, Washington was seen allowing India to purchase Russian oil for at least a month. Oil had risen as far as $119.50/barrel on Monday after a dire escalation in the Iran conflict, especially as U.S. and Israeli forces struck several Iranian energy facilities. Iran retaliated by attacking oil infrastructure in several middle eastern countries, while also striking ships passing through the Strait of Hormuz– a channel that accounts for roughly 20% of the world’s crude supply. But crude swiftly curbed early gains and ended Monday down amid a host of reports about how major global economies planned to handle potential oil supply shocks. The U.S. and the Group of Seven countries were seen considering a release of emergency petroleum reserves to temper potential inflation bumps from the Iran conflict. Oil holds gains as Iran war spurs supply concerns Oil prices are trading up about 25% so far this year as heightened tensions in the Middle East drove up concerns over prolonged supply disruptions. “Our baseline view – oil dropping below USD70/bbl by mid‐year – is increasingly challenged by tail risks reminiscent of the 2022 Russia‐Ukraine energy shock,” OCBC analysts said in a note. “The longer the Strait of Hormuz remains closed, the greater the volume of shut‐in oil production.” The surge in oil prices fueled increased concerns over their effect on inflation, with any prolonged conflict expected to factor into higher price pressures across the globe. The U.S.-Israel war with Iran entered its eleventh consecutive day on Tuesday, as hostilities in the Middle East showed few signs of ceasing. Source: Investing.com 2026-03-10 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEven