New Delhi, 10 March (H.S.): Crude oil prices tumbled over 6% Tuesday, easing to Brent at $92.91 per barrel and WTI at $88.38, granting major relief to importers like India after U.S. President Donald Trump's assurances that the Iran conflict could conclude very soon.

The sharp reversal followed Monday's frenzy, when Brent soared past $119—nearing $120—and WTI hit $119.48 amid fears of prolonged Middle East disruptions choking the Strait of Hormuz. Brent closed at $98.96 before opening at $91.49 and dipping to $88.22 intraday; by 11 a.m. IST, it traded 6.14% lower, with futures down 6.66% to $92.45. WTI mirrored the slide, opening at $87.81, bottoming at $84.43, and settling 6.79% weaker.

Trump's CBS interview and Truth Social posts, hinting at de-escalation and major U.S. progress, quelled supply panic—bolstered by Russian President Vladimir Putin's reported peace overture. Yet Iran's Revolutionary Guards rebuffed him, vowing to dictate the war's end and block all regional oil exports if strikes persist.

Market experts anticipate volatility ahead from dueling rhetoric, but the respite slashes import bills for oil-dependent economies like India, where two-thirds of crude transits the strait.

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Hindusthan Samachar / Jun Sarkar