economy
March 9, 2026
Oil prices decline after nearly hitting $120 as Trump says U.S. considering taking over Strait of Hormuz
Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz
TL;DR
- U.S. crude oil prices dropped 6.19% to $85.27 per barrel, and global benchmark Brent fell 4.6% to $88.43.
- President Trump stated he is considering seizing control of the Strait of Hormuz and also looking into reducing oil sanctions on Russia.
- Disruptions in the Strait of Hormuz, through which 20% of the world's oil consumption is exported, have caused major supply issues.
- Gulf Arab nations and Iraq have significantly cut oil production due to the inability to export through the Strait and storage limitations.
- G7 energy ministers will discuss a potential joint release of oil reserves, with finance ministers ready to take necessary measures.
- Oil prices had previously surged, with Brent hitting $119.50, marking the first time above $100 since Russia's invasion of Ukraine in 2022.
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