Oil fell about $30 a barrel, plunging from nearly $120 to below $90 after President Donald Trump said his administration would lift some sanctions to calm a recent price spike. Trump made the remarks at a news conference at his Miami golf club on March 10, 2026, saying, "So, we have sanctions on some countries. We’re going to take those sanctions off until this straightens out." The swing followed a string of strikes linked to the US and Israel against Iran that had pushed crude up as much as 50 percent from earlier levels, and Brent was trading around $84 a barrel at 02:00 GMT after the president spoke, according to Al Jazeera. The move left households and energy-using businesses facing sudden price volatility and prompted fresh discussion about whether sanctions policy can be used to stabilise global supplies.
Oil markets moved fast. During a 24-hour period tied to the Iran conflict and related regional strikes, crude surged to almost $120 a barrel and then plunged below $90 after the president’s comments, Al Jazeera reported.
How big was the swing
The scale was stark. Al Jazeera cited market prices showing a near $30 retreat from the intraday high to the levels recorded after the announcement. That followed an earlier gain that took crude up roughly 50 percent compared with prices before the conflict intensified. Traders reacted to both the on-the-ground events and the suggestion that Washington might ease restrictions that had been tightening global supply.
Brent, the global benchmark, was reported at about $84 a barrel at 02:00 GMT on the Tuesday after the president’s remarks, according to Al Jazeera. The immediate drop underlines how quickly sentiment can shift when a major consuming nation signals possible policy changes.
Why supplies tightened, and why relief matters
Al Jazeera reported the supply shock was driven by strikes and attacks connected to the Iran situation. Israeli strikes on Iranian facilities and drone attacks blamed on Iran against regional infrastructure disrupted shipments. The outlet said the Strait of Hormuz had been effectively closed, forcing major Gulf producers to cut output and leaving a backlog as shipping largely halted. The strait is critical because about one-fifth of the world’s oil supply passes through it. That helps explain why prices spiked so sharply in such a short window.
Analysts warned that the situation could still worsen. Homayoun Falakshahi, head of crude oil analysis at Kpler, told Al Jazeera prices could reach $150 or even $200 a barrel if the Strait of Hormuz stays closed for a prolonged period. He told the outlet that a continuation of closure through April would have been especially inflationary for markets.
Those warnings underline how fragile global energy flows are when a major chokepoint is disrupted.
The White House action on sanctions was not limited to talk. Al Jazeera noted a recent US Treasury move where Secretary Scott Bessent announced a 30-day waiver on sanctions for Russian oil sales to India. That step was presented in the report as another effort intended to relieve pressure on global supplies, though the president’s March 10 comments didn't name which countries would receive any further relief.
Al Jazeera also said Washington currently maintains sanctions on the oil sectors of Russia, Iran and Venezuela. The article reported unnamed sources who said Trump was considering easing sanctions on Russia as part of efforts to lower prices. Those sources were not identified publicly in the report, and the administration didn't list specific countries that would get relief in the president’s remarks.
The rapid policy signals and the market reaction underline the direct effect on households and businesses that consume energy. Sudden moves in oil prices feed through to pump prices, shipping costs and broader inflation measures. The headline price swings have already affected oil companies and trading desks, which must adjust positions when supply risks and policy shifts intersect so abruptly.
Markets are closely watching whether the administration will follow up with formal decisions.
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The president’s line was unmistakable. "So, we have sanctions on some countries. We’re going to take those sanctions off until this straightens out," he said at his Miami golf club on March 10, 2026, a comment that coincided with oil tumbling from near $120 to under $90, Al Jazeera reported.
This article was created with AI assistance.
