Oil prices fall in choppy trade as Trump addresses the U.S. on Iran war
Liberian-flagged crude oil tanker Shenlong Suezmax successfully docked at Mumbai Port after crossing the high-risk Strait of Hormuz amid the intensifying West Asian conflict in Mumbai, India, on March 11, 2026.
Hindustan Times | Getty Images
Oil prices fell in a volatile session as traders awaited U.S. President Donald Trump’s address to the nation on Iran and markets sought clarity on whether the American leader would signal a de-escalation in tensions.
U.S. West Texas Intermediate crude oil futures for May fell 0.43% to $98.42 per barrel as of 9:15 p.m. ET. International benchmark Brent crude oil remained stable at $101.08 per barrel.
Earlier Wednesday, Trump said: An article on Truth Social Iran’s request for a ceasefire has raised hopes for more oil tanker movements through the Strait of Hormuz. Traffic in the vital strait, through which 20 percent of the world’s oil and gas flow passes, has come to a virtual standstill since February 28, when the US-Israeli war against Iran began.
Trump said that Iran’s “New Regime President” requested a ceasefire from the United States, and that this request would only be taken into account if the Strait of Hormuz was “open, free and clean.” “Until then we will continue to destroy Iran or, as they say, return it to the Stone Age!!!”
But the Islamic Republic He denied Trump’s claimHe said the waterway will not be reopened due to the US leader’s “absurd demonstrations” and the main transit route remains “it is absolutely and predominantly under the control of the IRGC Navy.”
Brent
Since the start of the war, the two sides have frequently contradicted each other’s claims regarding the existence and status of peace treaty talks. Trump also gave conflicting signals, saying the talks were close to producing a peace deal, but the US was also prepared to escalate the conflict by sending thousands of troops to the region.
Brent crude fell below $100 a barrel for the first time in a week after Trump said Tuesday evening that he expected the US military to halt operations against Iran within “two or three weeks” and appeared to be declaring victory even without a negotiated deal with Iran. “We will be leaving very soon,” he said.
