Oil Prices Today: Brent at $94.59, WTI at $90.30 as Trump Floats Strait of Hormuz Takeover
Crude oil prices pulled back sharply Tuesday, March 10, after President Trump told CBS News that ships are moving through the Strait of Hormuz and that he is considering "taking it over" — sending both benchmarks tumbling from Monday's historic highs and giving global markets their first meaningful relief in 10 days.
Oil Prices Right Now: Brent Crude and WTI Live Readings
Brent crude oil is currently trading at $94.59 per barrel, up 1.86% from the previous session but down sharply from Monday's intraday highs. WTI crude oil is at $90.30 per barrel, down 1.04% from its previous close. Despite Tuesday's pullback, Brent is still up 22.48% compared to one week ago when it was trading at $77.23 per barrel.
At their worst Monday, WTI surged as high as $119.48 overnight before retreating. WTI closed Monday's official session 4.26% higher at $94.77, while Brent settled 6.76% higher at $98.96 per barrel after hitting a session high of $119.50 earlier in the day.
Trump's CBS Comments Slash Oil Prices by More Than $30 From Overnight Peak
Trump told CBS News in a phone conversation that ships are moving through the Strait of Hormuz and that he is thinking about taking it over. He also indicated he thought the war would soon be over. Shortly after those comments hit the wires Tuesday, U.S. crude oil fell 6.19% to $85.27 per barrel at 3:37 p.m. ET, while global benchmark Brent traded 4.6% lower at $88.43 per barrel.
Trump is also considering reducing oil sanctions on Russia to help ease crude prices, three sources familiar with the matter confirmed. The combination of Trump's comments and the Russia sanctions relief possibility provided the most significant downward pressure on crude oil prices since the conflict began February 28.
Strait of Hormuz: Only a Handful of Ships Still Moving Through
Only a handful of commercial vessels are currently moving through the Strait, said Matt Smith, oil analyst at energy consulting firm Kpler. Gulf Arab states including Iraq and Kuwait are cutting production because they are running out of storage space, as crude piles up with nowhere to go. Tankers remain unwilling to transit the narrow waterway because of fears Iran will attack them, with Iran's foreign ministry spokesman warning Monday that oil tankers must be very careful.
The Iran war has disrupted 20% of global oil supply for ten days and counting — more than double the previous record set during the Suez Crisis of 1956 to 1957, which disrupted just under 10% of global supply, according to Rapidan Energy Group.
Oil Price Forecast: $135 Possible if Crisis Lasts Four Months
Brent oil prices could surge to $135 per barrel if the current situation lasts four months, said Janiv Shah, Rystad Energy's vice president for oil markets, in a Monday note. Brent would rise above $110 if current conditions persist for two months.
Oil prices surged nearly 30% as escalating conflict between Iran, Israel, and the United States raised fears of major disruptions to Middle Eastern energy supply. However, analysts note that with long-dated oil futures still trading in the high $60s for 2027 and 2028 delivery, markets are not yet pricing in a permanent disruption — suggesting traders still expect some form of resolution.
Gas Prices at the Pump Heading Higher Despite Pullback
U.S. drivers are already feeling the effects of crude prices that have climbed more than 30% since military strikes on Iran began February 28. Average U.S. regular gasoline prices have shot up from roughly $3 per gallon before the strikes to $3.45 per gallon — with further increases expected before any relief arrives at the pump.
