Kathmandu, March 10
Oil prices have dropped in the international market. The price of Brent crude fell by about 8.5 per cent to USD 92.50 per barrel. Similarly, U.S.-traded crude oil declined by nearly 9 per cent to USD 88.60 per barrel, according to international media reports.
The BBC reported that international oil prices declined after US President Donald Trump stated that the war with Iran could end soon. Trump had discussed Middle East tensions with Russian President Vladimir Putin and indicated that the conflict might conclude quickly. However, statements later clarified that the war would not end within a week.
Warning to Iran
US President Donald Trump has warned that Iran would face severe consequences if it obstructs oil transportation through the Strait of Hormuz. He issued the warning through Truth Social.
“If Iran creates obstacles to oil transportation in the Strait of Hormuz, the United States will launch an attack 20 times more powerful than previous strikes,” Trump wrote.
According to the BBC, nearly 20 per cent of the world’s total oil supply is transported through this sea route. Maritime traffic has significantly declined due to the Iran–Israel conflict, causing sharp fluctuations in global oil prices.
“Additionally, we will target Iranian sites that can be easily destroyed, making it almost impossible for Iran to stand again as a country,” Trump said. “There will be a rain of death, fire, and massive destruction upon them. But I hope and pray that this does not happen.”
