March 10, World (LNW): Global oil prices declined sharply during early trading in Asia on Tuesday (10), easing some of the pressure that had recently rattled international markets.
Benchmark Brent crude dropped by roughly 8.5 per cent, trading at around 92.50 US dollars per barrel. Meanwhile, US West Texas Intermediate crude also recorded a notable fall of about nine per cent, slipping to approximately 88.60 dollars a barrel.
Despite the latest decline, crude prices remain significantly higher than they were before the outbreak of hostilities in the Middle East, with market levels still estimated to be nearly 30 per cent above those seen at the start of the conflict.
Analysts say the sudden drop in prices followed comments by US President Donald Trump, who suggested on Monday that the ongoing war could end “very soon”. His remarks appeared to fuel expectations among investors that geopolitical tensions might begin to ease, reducing fears of prolonged disruption to global oil supplies.
The fall in energy prices helped lift sentiment across several Asian financial markets during early trading. Japan’s benchmark Nikkei 225 index gained around 2.8 per cent, while South Korea’s Kospi index surged by more than five per cent, reflecting renewed investor optimism.
Many Asian economies rely heavily on imported crude oil, particularly from producers in the Gulf region. As a result, the sharp spike in oil prices seen earlier had weighed heavily on stock markets across the region, raising concerns about higher energy costs and their potential impact on economic growth.