The Strait normally carries about a fifth of global oil shipments, and disruptions have already forced major Gulf producers to curb output as storage fills
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West Texas Intermediate plunged as much as 10% to $85.02 a barrel, following a volatile session on Monday that saw oil swing in the widest range since prices briefly turned negative during the depths of the pandemic. Trump said at a news conference in Florida that he plans to waive oil-related sanctions and have the US Navy escort tankers through the Strait of Hormuz.
“We’re looking to keep the oil prices down,” Trump said. “They went artificially up because of this excursion.”
Oil surged toward $120 a barrel early Monday before pulling back as the world’s largest economies considered an effort to release emergency oil reserves. Still, the vital Strait of Hormuz remains effectively closed, which has led to major producers in the Persian Gulf, including Saudi Arabia, curtailing output.
The conflict, which is now in its second week and has sucked more than a dozen countries into the fray, has led to a surge in energy prices, including oil, natural gas and products such as gasoil. US retail gasoline has jumped to the highest level since August 2024, putting additional pressure on Trump.
The effective halt to shipping through the Strait of Hormuz — a narrow waterway that normally handles a fifth of the world’s oil — has led to Saudi Arabia, Iraq, Kuwait and the United Arab Emirates reducing output as storage fills. The market is keenly watching for tanker traffic to resume through the strait.
Trump not offer additional specifics on the plan to escort tankers or waive oil-related sanctions, beyond acknowledging he had discussed the topic with Russian President Vladimir Putin in a phone call earlier Monday.
The intense prices swings on Monday saw WTI trade in a $38 band. Brent tumbled about $20 from its high, marking the largest-ever drop from an intraday maximum to a closing price on record.
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Published on March 10, 2026