economy
March 10, 2026
Oil Prices Fall, Trump Threatens Iran: 'Fire and Fury Await You'
World oil prices fell after jumping to nearly $120 a barrel at one point on Monday, March 9, the highest since 2022, after the start of the Russo-Ukrainian war.
TL;DR
- Oil prices surged to nearly $120 a barrel before falling by 10% to below $90.
- U.S. President Trump threatened Iran with 'death, fire, and fury' if it disrupted navigation in the Strait of Hormuz.
- Iran retaliated, stating it would not allow any oil exports from the region if U.S.-Israel attacks continued.
- The G7 nations announced readiness to release oil from strategic reserves to stabilize the market.
- Serbia banned the export of oil and all petroleum derivatives until March 19 to protect its domestic market.
- Croatia announced price increases for gasoline and diesel, while Montenegro confirmed sufficient strategic reserves for approximately two months.
- The Strait of Hormuz is a critical chokepoint through which nearly a fifth of the world's oil supply passes.
Continue reading the original article