Signs of easing tensions between the US and Iran, combined with the release of oil reserves by the US and Europe, have caused both Brent crude and WTI crude to fall below $85.

President Trump's statement that the conflict with Iran is "basically over" has eased concerns about a long-term interruption in global oil supply, causing oil prices to plummet by over 30% from their highs. Data shows that as of press time, WTI crude oil futures fell by over 10%, to $84.82 per barrel; Brent crude oil futures also fell by over 10%, to $88.62 per barrel. On Monday, the impact of the Middle East conflict on oil transportation through the Strait of Hormuz and the forced production cuts by several oil-producing countries heightened concerns in the market about a significant interruption in global oil supply. Brent crude oil futures hit $119.50 per barrel in intraday trading, while WTI crude oil futures reached $119.48 per barrel, both the highest levels since mid-2022. However, oil prices quickly fell after Trump's "fire extinguishing" remarks. On March 9, local time, Trump stated that the war with Iran could end soon. It is reported that Trump said in a phone interview, "I think the war is basically over, almost. They have no navy, no communication system, and no air force." Trump also said that this is progressing much faster than his initial estimate of a 4 to 5-week timeframe. In response to Trump's statement, the Iranian Revolutionary Guard stated that the end of the conflict will be decided by Iran, and if US attacks continue, Tehran will not allow the region to export "a single drop of oil." However, these remarks did not boost oil prices, as multiple sources stated that Trump is considering easing oil sanctions on Russia and releasing emergency crude oil reserves, as part of a package of measures considered to curb the soaring global oil prices during the Iran conflict. US Energy Secretary Wright stated that the US government is "discussing" coordinating the release of strategic oil reserves to address the current energy market situation. Meanwhile, European Commission Vice President for Economic Affairs Dombrovskis stated at a Eurogroup press conference that it is still too early to discuss specific policy measures to address the Middle East situation, but he emphasized readiness to take necessary measures including the use of strategic oil reserves. IG Group market analyst Tony Sycamore stated in a report, "Considering the events of the past 24 hours, I expect crude oil prices to remain highly volatile, fluctuating within a wide range of $75 to $105 over the next few trading sessions."