Oil prices sink amid USA warning to Iran

March 10, 2026 (MLN): Oil prices tumbled by around 10% on Tuesday after U.S. President Donald Trump warned Iran against disrupting shipments through the Strait of Hormuz, while also suggesting that the ongoing conflict with Tehran could soon come to an end.

Currently, Brent crude futures is at $94.04 per barrel, according to Mettis Global data.

West Texas Intermediate (WTI) crude futures decreased by $3.70, or 3.90%, to $91.07 per barrel by [8:50 am] PST.

The sharp decline followed a surge in prices earlier in the week, when oil  climbed above $110 per barrel.

The market reaction came after Trump issued a strong warning to Iran in a post on Truth Social, stating that the United States would respond forcefully if Tehran attempted to block oil shipments through the critical maritime route.

“If Iran does anything that stops the flow of oil within the Strait of Hormuz, they will be hit by the United States twenty times harder than they have been hit thus far,” Trump said.

Meanwhile, energy ministers from the Group of Seven (G7) nations are scheduled to hold a virtual meeting later Tuesday to discuss the potential release of emergency oil reserves to stabilize markets amid the Iran conflict.

The talks follow a meeting of G7 finance ministers on Monday, where officials discussed tapping strategic reserves but did not reach a final decision, according to CNBC.

The United States is reportedly advocating for a coordinated release of between 300 million and 400 million barrels from the group’s combined 1.2 billion-barrel emergency reserves roughly 25% to 30% of the total stockpile.

Such a move could help ease supply concerns and calm volatile energy markets if tensions in the Middle East continue to escalate.

The Strait of Hormuz, located between Oman and Iran, is one of the world’s most important energy chokepoints.

Trump also framed the U.S. stance as beneficial for countries that rely heavily on the route for energy imports.

“This is a gift from the United States of America to China and other nations that heavily use the Hormuz Strait,” Trump said, adding that he hoped the move would be appreciated.

His comments appeared to ease concerns in global energy markets about a potential supply shock or disruption to oil flows in the region.

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