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West Texas Intermediate ended the day about 12% lower on March 10, the biggest drop since March 2022, closing just above $83 a barrel. The White House said the US has not escorted an oil tanker through the Strait of Hormuz.
Crude fell sharply as traders priced in a shorter Iran conflict and possible supply relief, which weighs on energy costs across the feed and freight chain. Any renewed disruption in the Strait could reverse the move quickly.
bloomberg.comMia Gindis, Charles GorrivanMar 10, 2026After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Oil dropped sharply as leaders moved to contain the supply shock, including the US facilitating a tanker transit and de-escalation signals.
