Global oil prices saw a slight reprieve on Tuesday, March 10th after hitting multi-year highs, as markets reacted to Trump’s prediction of an imminent end to the war in the Middle East.
The rally had seen oil pierce the $100-a-barrel (€86) ceiling on Monday, a high not witnessed in nearly four years. The surge was driven by a volatile mix of Saudi-led production curbs and the escalating U.S.-Israeli offensive against Iran, which had left traders bracing for a major hit to international supplies.
Prices later retreated after Russian President Vladimir Putin held a call with Trump and shared proposals aimed at a quick settlement to the war, according to a Kremlin aide, easing concerns about supply.
Trump said on Monday in a CBS News interview that he thought the war against Iran was “very complete” and that Washington was “very far ahead” of his initial four- to five-week estimated timeframe.
