Global crude oil prices experienced a dramatic plunge of over 11 percent on Tuesday, March 10, marking their sharpest percentage decline in a single trading session since 2022. This significant market movement occurred just one day after US President Donald Trump optimistically predicted an imminent end to the conflict with Iran, a situation that has severely disrupted the global flow of crude oil.
According to Reuters, benchmark Brent crude futures plummeted by $11.16, or 11 percent, settling at $87.80 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude closed at $83.45 per barrel, recording a decline of $11.32, or 11.9 percent.
Both key benchmarks recorded their largest daily percentage drops since March 2022, a notable reversal given they had surged to a four-year high just the day prior. This volatility underscores the heightened sensitivity of oil markets to geopolitical developments.
On Tuesday, March 10, Trump reiterated his belief that the war against Iran would soon conclude, further predicting a swift downturn in global oil prices. His remarks came amid considerable global energy market turmoil, largely stemming from the ongoing conflict involving Iran and Israel.
Trump’s optimistic outlook was shared following a period when world oil prices had soared past $100 per barrel. This surge was primarily driven by pervasive market anxieties concerning potential disruptions to global energy supplies, exacerbated by the volatile Middle East conflict.
“We are making great progress towards achieving our military objectives,” Trump stated during a press conference, reinforcing his confidence in the diplomatic path forward.
Coal
The ICE Newcastle coal price also saw a notable decline at the close of trading on Tuesday. According to Barchart, coal futures for the March 2026 contract dropped by 4.43 percent, settling at $131.55 per ton.
Crude Palm Oil (CPO)
In contrast to oil and coal, Malaysian crude palm oil (CPO) futures experienced a significant surge on Monday, March 9. Data from Trading Economics indicated that CPO prices climbed by 4.41 percent, reaching approximately MYR 4,568 per ton.
Nickel
Nickel prices, as tracked on the London Metal Exchange (LME), registered a slight increase at the close of trading on Tuesday, rising by 0.11 percent to reach $17,488 per ton.
Tin
Meanwhile, tin prices observed on the London Metal Exchange (LME) saw a marginal decrease at Tuesday’s closing. The metal’s price dipped by 0.49 percent, settling at $50,439 per ton.
Summary
Harga minyak mentah global mengalami penurunan dramatis lebih dari 11 persen pada Selasa, 10 Maret, menandai anjlok persentase harian paling tajam sejak tahun 2022. Penurunan signifikan ini terjadi sehari setelah Presiden AS Donald Trump menyatakan optimisme bahwa konflik dengan Iran, yang telah mengganggu aliran minyak mentah global, akan segera berakhir. Trump juga memprediksi harga minyak global akan segera menurun.
Futures minyak Brent patokan anjlok $11,16 atau 11 persen, menjadi $87,80 per barel, sementara minyak mentah WTI AS turun $11,32 atau 11,9 persen, ditutup pada $83,45 per barel. Kedua patokan tersebut mencatat penurunan persentase harian terbesar mereka sejak Maret 2022, setelah sehari sebelumnya melonjak ke level tertinggi empat tahun di atas $100 per barel.