{
  "$type": "site.standard.document",
  "bskyPostRef": {
    "cid": "bafyreifecdtjn5tze6pfeugwckh7ftwllv7jdkpio7gwjhlpyteye2tgeu",
    "uri": "at://did:plc:oznbnvgr7dmvddiyvr7dih52/app.bsky.feed.post/3mgnux4rufq72"
  },
  "coverImage": {
    "$type": "blob",
    "ref": {
      "$link": "bafkreidnmwcmnv5flvarp4m2ukssfbs7bvnfzg2qy3pvpzp3kshbyg25uu"
    },
    "mimeType": "image/jpeg",
    "size": 48151
  },
  "path": "/money/oil-prices-donald-trump-us-iran",
  "publishedAt": "2026-03-09T21:24:19.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Rachel Reeves: US-Iran war will 'put upward pressure' on inflation as energy bill fears grow",
    "Evri issues update on undelivered parcels after British courier firm collapses into liquidation",
    "Bank of England under pressure as inflation could rise 'back above 5 per cent' after oil price soars",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nOil prices tumbled sharply during extended trading on Monday after President Donald Trump declared the US's war with Iran \"is very complete\".\n\nEarlier today, the President revealed he was contemplating taking control of the Strait of Hormuz, the world's most critical chokepoint for crude shipments.\n\n###\n\n\n\n\nUS crude dropped 6.19 per cent to $85.27 (£63.45) per barrel by 3:37 p.m. ET, whilst the global benchmark Brent fell 4.6 per cent to $88.43 (£65.81).\n\nIn a telephone conversation with CBS News, the president confirmed vessels were passing through the waterway and stated he was \"thinking about taking it over\".\n\n###\n\n\n\n\n###\n\n\n\n\nSpeaking to CBS News, Trump declared the conflict with Iran was approaching its conclusion: \"I think the war is very complete, pretty much.\n\n\"They have no navy, no communications, they've got no Air Force. Their missiles are down to a scatter.\n\n\"Their drones are being blown up all over the place, including their manufacturing of drones. \"If you look, they have nothing left. There's nothing left in a military sense.\"\n\nThe disruption to shipping through the Strait has created the most significant oil supply crisis on record, according to analysis from consultancy Rapidan Energy.\n\n###\n\n\n\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Rachel Reeves: US-Iran war will 'put upward pressure' on inflation as energy bill fears grow\n  * Evri issues update on undelivered parcels after British courier firm collapses into liquidation\n  * Bank of England under pressure as inflation could rise 'back above 5 per cent' after oil price soars\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nApproximately one-fifth of global oil consumption passes through the waterway. Earlier in the session, prices had surged dramatically, with Brent reaching $119.50 and WTI climbing to $119.48 overnight.\n\nThis marked the first occasion crude had breached $100 per barrel since Russia's invasion of Ukraine in 2022.\n\nGulf Arab states had reduced production as vessels avoided the Strait amid Iranian threats, with energy analyst Matt Smith of Kpler noting only a small number of commercial ships were transiting the passage.\n\nG7 energy ministers are scheduled to convene virtually on Tuesday morning to consider a coordinated release of oil from strategic stockpiles, according to sources who spoke to CNBC.\n\n###\n\n\n\n\n###\n\n\n\n\nAny decision to tap reserves would follow that meeting. Finance ministers from the G7 nations had already gathered virtually on Monday to address the Iran conflict, issuing a joint statement pledging readiness \"to take necessary measures, including to support global supply of energy such as stockpile release.\"\n\nSeparately, President Trump held discussions with Russian President Vladimir Putin regarding the war, with Kremlin aide Yuri Ushakov confirming President Putin had presented proposals for a swift resolution.\n\nIt is understood that the US is considering easing sanctions on Russian oil to ease pressures on the wider gas and energy market.\n\nAnalysts have sounded the alarm that an ongoing conflict in the Middle East could benefit Russia's economy as more countries turn to the regime for energy.\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards:The GB News Editorial Charter **",
  "title": "Oil prices PLUMMET as Donald Trump makes US-Iran war declaration"
}