OIL PRICES HAVE fallen sharply after US President Donald Trump suggested the war involving Iran could end sooner than expected, easing fears of prolonged disruption to global energy supplies.

European gas prices also tumbled by around 15% this morning as a result of Trump’s comments.

The Dutch TTF natural gas contract, considered the European benchmark, fell to around €48, after rising sharply the day before.

The price of crude had surged to nearly $120 a barrel yesterday amid escalating conflict in the Middle East, but dropped back to around $93 on Tuesday after Trump said the war was “very complete, pretty much”.

“I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no air force,” Trump told CBS News in a phone interview yesterday.

“If you look, they have nothing left. There’s nothing left in a military sense.”

Trump said the conflict was already far ahead of the timeline he had initially suggested, which had been around four to five weeks.

“I think soon. Very soon,” he said when asked how long the war could continue.

During a public address yesterday, Trump said that “you have to keep the Straits flowing”.

“With all of that, it affects other countries much more than it does the United States. It doesn’t really affect us. We have so much oil. We have Venezuela now as our new partner,” he added.

Trump: "You have to keep the Straits flowing. With all of that, it affects other countries much more than it does the United States. It doesn't really affect us. We have so much oil. We have Venezuela now as our new partner." pic.twitter.com/3vQsMbo3Jq

— Aaron Rupar (@atrupar) March 9, 2026

Energy markets have experienced dramatic swings over the past 48 hours as traders attempt to gauge the impact of the conflict.

Crude prices had jumped roughly 30% on Monday to peak above $119 a barrel amid fears that fighting in the region could disrupt supplies, particularly if Iran were to block the Strait of Hormuz.

However, prices later plunged by as much as 10% before settling around five percent lower today.

The narrow waterway between the Persian Gulf and Gulf of Oman is one of the world’s most important energy routes, with roughly a fifth of global oil supplies passing through it.

Investors were also encouraged by reports that finance ministers from the Group of Seven (G7) nations had discussed potentially releasing oil from emergency stockpiles if the conflict threatens global supply.

Despite the drop in prices, the situation in the region remains highly uncertain.

Iran’s Revolutionary Guards said the country, not the United States, would determine when the war ends.

Tehran has also warned it could block oil shipments through the Strait of Hormuz, a move that would have major consequences for global energy markets.

Trump in turn warned that any attempt to disrupt the flow of oil would trigger a major US response.

“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,” he said in a social media post.

Shipping through the strait has already been severely disrupted, with several vessels attacked in recent days and some energy companies declaring “force majeure” on exports.

Saudi Arabia’s state oil giant Aramco has warned that prolonged disruption could have “catastrophic consequences” for global markets, noting that oil inventories are already at a five-year low.

European leaders have begun exploring ways to reopen the key waterway once fighting eases.

French President Emmanuel Macron said France and its allies are preparing a “purely defensive” mission to escort tankers and container ships through the Strait of Hormuz once the most intense phase of the conflict has passed.

The aim would be to gradually restore shipping through the route and stabilise global energy supplies.

However, Iranian officials have dismissed the idea, saying security in the strait cannot be guaranteed while the war continues.

Ireland prices

There has not yet been a knock-on effect on the price of petrol, diesel or home heating oil in Ireland following Trump’s comments.

A protest planned for today by the Irish Road Haulage Association has been called off after the group’s president, Ger Hyland, was promised a meeting with Transport Minister Darragh O’Brien.

Hyland said the association is willing to hear the Government out and would “meet without preconditions with a view to resolving what is fast becoming one of the biggest crises to face the haulage industry in 20 years”.

Global fuel prices have surged since the war in the Middle East began, with petrol and diesel exceeding €2 per litre in many forecourts.

Although much of Ireland’s oil supply comes from the North Sea, domestic fuel prices are tied to global markets and have been pushed higher by concerns over potential disruption to shipping through the Strait of Hormuz.

The Government said it is “continuing to monitor” the situation as the conflict escalates.

Cabinet held what a Government spokesperson described as an “informal” discussion today about rising energy costs, though no commitment was made to introduce supports for consumers most affected by higher prices.

Additional reporting from AFP

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