{"id":28242,"date":"2026-03-10T12:10:22","date_gmt":"2026-03-10T10:10:22","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&p=28242"},"modified":"2026-03-10T12:10:22","modified_gmt":"2026-03-10T10:10:22","slug":"oil-falls-as-us-president-predicts-middle-east-de-escalation","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/oil-falls-as-us-president-predicts-middle-east-de-escalation\/","title":{"rendered":"Oil falls as\u00a0US President\u00a0predicts Middle East de-escalation"},"content":{"rendered":"
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Oil prices fell on Tuesday after hitting a more than three-year high in \u200cthe previous session as United States (US) President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.<\/span><\/p>\n<\/div>\n

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Brent futures fell $6.28, or 6.3%, to $92.68 a barrel , while US West Texas Intermediate crude was down $6.19, or 6.5%, to $88.58 a barrel. Both contracts fell \u200bas much as 11% earlier before paring some losses.<\/span><\/p>\n<\/div>\n

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Oil surged past $100 a barrel on Monday to the highest \u200bsince mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding US, Israeli war on \u2060Iran stoked fears of major disruptions to global supplies.<\/span><\/p>\n<\/div>\n

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Prices later retreated after Russian President Vladimir Putin held a call with Trump and \u200bshared proposals aimed at a quick settlement to the war, according to a Kremlin aide, easing concerns about supply.<\/span><\/p>\n<\/div>\n

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Trump said on \u200bMonday in a <\/span>CBS News<\/em> interview that he thought the war against Iran was “very complete” and Washington was “very far ahead” of his initial four- to five-week estimated time frame.<\/span><\/p>\n<\/div>\n

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“Clearly Trump’s comments about a short-lived war have calmed markets. While there was an overreaction to the upside yesterday, we think \u200bthere is an overreaction to the downside today,” said Suvro Sarkar, energy sector team lead at DBS Bank, adding that \u200bthe market was underappreciating risks at these levels for Brent.<\/span><\/p>\n<\/div>\n

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“Murban and Dubai grades are still well above $100 per barrel, so practically nothing much \u200chas\u00a0\u2060changed in terms of ground realities,” he added, referring to benchmark Middle Eastern oil grades.<\/p>\n<\/div>\n

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In response to Trump, Iran’s Islamic Revolutionary Guards Corps said they would “determine the end of the war,” and Tehran would not allow “one litre of oil” to be exported from the region if US and Israeli attacks continued, state media reported on Tuesday, citing the IRGC’s Spokesperson.<\/span><\/p>\n<\/div>\n

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–Reuters–<\/span><\/p>\n<\/div>\n","protected":false},"featured_media":20970,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news-type":[44],"class_list":["post-28242","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"","published_date":"","news_description":"Oil prices fell on Tuesday","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/28242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/28242\/revisions"}],"predecessor-version":[{"id":28243,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/28242\/revisions\/28243"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/20970"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=28242"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=28242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}