Cargo ships sail in the Arabian Gulf toward the Strait of Hormuz in the United Arab Emirates on March 19, 2026. AP Photo
The global oil benchmark fell below $100 a barrel in early trading on March 25 as investor sentiment turned more optimistic about the prospect that a U.S.-led diplomatic effort might bring about an end to the Iran war, which has choked off Gulf oil supplies and driven sharp price swings in energy markets.
Brent crude oil futures were down nearly 5 percent at around the $95 mark at 9:31 a.m. ET, as the Trump administration’s push to end the Middle East conflict diplomatically came into sharper focus and appeared to build steam despite Iranian denials that negotiations were taking place.
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