Oil prices plunge to $87.8 per barrel as IEA eyes emergency release with Strait of Hormuz in focus
The Hindu
Oil prices drop to $87.80 amid IEA's emergency talks and focus on the critical Strait of Hormuz amidst ongoing conflict.
Crude prices sank and equities mostly rose on Tuesday (March 10, 2026) as oil-importing countries discussed a possible stockpile release while monitoring the Strait of Hormuz, a key petroleum waterway emptied of traffic as the war in West Asia rages.
International oil benchmark, Brent North Sea crude, plunged 11.3% to $87.80 a barrel, a day after it neared $120.
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The drop in oil prices gathered pace as member states of the International Energy Agency (IEA) met for crisis talks to assess "the current security of supply" and the potential release of emergency stocks.
In a statement following a Paris meeting of G7 energy ministers, IEA executive director Fatih Birol said he was "in close contact" with energy ministers from key energy producers and consumers regarding the situation.
Oil prices slid to session lows near 1730 GMT after U.S. Energy Secretary Chris Wright said the U.S. Navy had escorted a tanker through the Strait of Hormuz, but Wright quickly deleted the post and Trump administration officials said no such expedition had taken place.
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