Oil prices plunge after Trump warns Iran over Strait of Hormuz
The oil price reached nearly $120 a barrel on Monday over fears of lengthy disruption to supplies.
Last updated: 2026-03-10 09:07:51 ET
The oil price reached nearly $120 a barrel on Monday over fears of lengthy disruption to supplies.
Oil prices plunged after Trump warned that Tehran would be hit "twenty times harder" if it attempted to halt oil flows through the Strait of Hormuz.
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The price of crude oil has sharply spiked as the Strait of Hormuz has been effectively closed as the United States and Israel wage war on Iran.
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World leaders are scrambling to confront the surging cost of oil, as its fallout also threatens to revive inflation in an array of other products.
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With oil prices soaring and stock markets falling, economists warn that a prolonged conflict in the Middle East risks knocking growth worldwide and bo...
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