Oil Prices Near $90 as Iran War Shakes Global Energy Markets

Conflict threatens tanker traffic through the Strait of Hormuz, one of the world's most important oil chokepoints.

Published on Mar. 10, 2026

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Oil prices hovered near $90 a barrel as the war involving Iran rattled global energy markets, raising concerns about potential supply disruptions through the critical Strait of Hormuz. The conflict has already injected significant volatility into crude markets and raised the possibility that prices could surge again if disruptions persist.

Why it matters

The Strait of Hormuz is a critical chokepoint for global oil supply, with a significant share of the world's crude exports from Gulf producers passing through the narrow waterway. Disruptions to shipping routes through the strait could trigger a broader global energy shock.

The details

Brent crude traded at about $91.94 a barrel, while U.S. crude slipped to roughly $88.87 after volatile trading earlier in the week. Saudi Aramco CEO Amin Nasser warned that prolonged disruptions could have severe consequences for global energy markets, saying 'there will be catastrophic consequences for the world's oil market.' U.S. President Donald Trump also warned Iran against attempting to block oil shipments through the strait.

  • Oil prices hovered near $90 a barrel on Tuesday, March 10, 2026.

The players

Brent crude

The global benchmark for crude oil prices.

Amin Nasser

The CEO of Saudi Aramco, the state-owned oil company of Saudi Arabia.

Donald Trump

The former President of the United States.

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What they’re saying

“There will be catastrophic consequences for the world's oil market. While we have faced disruptions in the past, this one by far is the biggest crisis the region's oil and gas industry has faced.”

— Amin Nasser, CEO, Saudi Aramco (CNBC)

“If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.”

— Donald Trump (CNBC)

What’s next

Lawmakers have introduced legislation aimed at lowering fuel costs for consumers, including a proposal to temporarily suspend the federal gasoline tax until October 1, 2026.

The takeaway

The conflict involving Iran has already injected significant volatility into global crude oil markets, raising the possibility of further price surges if disruptions to shipping through the critical Strait of Hormuz persist. This highlights the vulnerability of the world's energy supply to geopolitical tensions in the Middle East.