The Liberia-flagged crude oil tanker Shenlong Suezmax efficiently docked at Mumbai Port after navigating the high-risk Strait of Hormuz amid the intensifying West Asia battle on March 11, 2026 in Mumbai, India.
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Oil fell in a risky session as merchants awaited U.S. President Donald Trump’s tackle to the nation on Iran, with markets in search of readability on whether or not the American chief will sign a path towards de-escalation.
U.S. West Texas Intermediate crude futures for Might dropped 0.43% to $98.42 a barrel as of 9:15 p.m. ET. Worldwide benchmark Brent crude was flat at $101.08 per barrel.
Earlier on Wednesday, Trump mentioned in a put up on Reality Social that Iran had requested for a ceasefire, elevating hopes for extra oil tanker motion by way of the Strait of Hormuz. Visitors within the important strait, which used to see 20% of the world’s oil and gasoline flows by way of, has successfully floor to a halt for the reason that U.S.-Israel warfare in opposition to Iran started on Feb. 28.
Iran’s “New Regime President” has requested the U.S. for a ceasefire, a request will solely be thought-about if the Strait of Hormuz is “open, free, and clear,” Trump mentioned. “Till then, we’re blasting Iran into oblivion or, as they are saying, again to the Stone Ages!!!”
The Islamic Republic, nevertheless, has denied Trump’s declare, saying that the waterway will not be reopened primarily based on the U.S. chief’s “absurd shows” and that the important thing transit route stays “decisively and dominantly beneath the management of the IRGC Navy.”
Brent
The 2 sides have steadily contradicted one another’s claims concerning the existence and standing of peace-deal talks for the reason that warfare began. Trump has additionally despatched conflicting indicators, reportedly saying negotiations have been near producing a peace deal, however the U.S. was additionally ready to escalate preventing by sending hundreds of troops to the area.
Brent oil dipped beneath $100 per barrel for the primary time in every week after Trump mentioned Tuesday night that he anticipated the U.S. navy to wind down operations in opposition to Iran in “two or three weeks” and seemed to be declaring victory even and not using a negotiated cope with Iran. “We’ll be leaving very quickly,” he mentioned.