Oil Prices Fall as Trump Signals Iran Conflict Could End Quickly

Crude oil prices swung lower after U.S. President Donald Trump suggested the Iran conflict may end soon. Traders reduced fears of a long supply shock in the Middle East. The shift came after sharp gains on Monday. Markets also tracked shipping conditions around the Strait of Hormuz, a key route for global energy cargoes.

Speaking to CBS News, Trump said the Strait of Hormuz was open to transportation ships. Trump also warned Iran against any retaliation. Trump said the U.S. military action against Tehran was a "tremendous success". Trump added the war could be over "pretty quickly" if remaining targets were addressed.

Oil benchmarks reversed from Monday’s surge as Brent crude futures fell from a high of $119.50. By 0001 GMT, Brent traded near $91.71, down $7.25 or about 7.3%. U.S. West Texas Intermediate also declined. It dropped $6.12, or 6.5%, to $88.65.

Benchmark	Price	Move
Brent crude futures	$91.71 (0001 GMT)	Down $7.25 (about 7.3%); Monday high $119.50
U.S. West Texas Intermediate	$88.65	Down $6.12 (6.5%)

CBS News quoted Trump issuing a direct warning to Tehran. "They've shot everything they have to shoot, and they better not try anything cute, or it's going to be the end of that country...If they do anything bad, that would be the end of Iran, and you'd never hear the name again," Trump said.

Trump also claimed Iran’s capabilities were badly damaged. Trump said Iran has "no navy, no communications, and no air force". Trump added missile and drone manufacturing sites had taken a hit. In a Monday press briefing, Trump told reporters the U.S. still had targets, and they could be taken out in "one day".

In India, LPG supply tightened amid the Middle East crisis after U.S. strikes on Iran. The government invoked emergency powers and told refiners to raise LPG output. The move aimed to avoid cooking fuel shortages after disruptions. India was the world's second-biggest LPG importer in 2025, consuming about 33.15 million metric tons.

"In light of current geopolitical disruptions to fuel supply and constraints on supply of LPG, Ministry has issued orders to oil refineries for higher LPG production and using such extra production for domestic LPG use," read a statement by the Ministry of Petroleum and Natural Gas issued on Monday, March 9. The mix of war signals and supply concerns kept energy markets and domestic fuel planning closely linked.