Oil closes lower amid hopes of Middle East war ending

Oil prices fell sharply at the close of trading today, March 10, following comments by US President Donald Trump predicting an imminent end to the war in the Middle East, which could reduce the risk of supply disruptions.

Brent crude futures for May delivery fell 11.28%, or $11.16, to $87.80 a barrel. WTI crude oil futures for April delivery also fell by 11.94%, or $11.32, to $83.45 a barrel.

Oil losses worsened in the middle of trading following a post by US Energy Secretary Chris Wright on X, in which he said that his country's naval forces had escorted an oil shipment through the Strait of Hormuz to secure its passage.

Wright later deleted the post, after it sparked a wide reaction in the markets, and prices received some support at the end of trading, at a time when the International Energy Agency called for an emergency meeting of member states to discuss the possibility of withdrawing part of the strategic oil reserves.