Crude oil prices slumped nearly 10% on Tuesday morning after US president Donald Trump indicated the Iran war could be short-lived and signalled the possibility of easing oil-related sanctions on some countries. Addressing the media on Monday, Trump said the US administration would remove oil-related sanctions and suggested the war could end soon, easing market concerns that had pushed prices to multi-year highs. “We’re looking to keep the oil prices down,” he told the media. There had initially been consideration to release 400 million barrels from strategic reserves, according to reports. During a similar exercise in 2022, after the Russia-Ukraine war began, India released strategic reserves alongside major economies to ease global supply concerns.

Source: Mint March 10, 2026 07:54 UTC