On March 11, 2026, crude oil prices decreased during a volatile trading session as market participants awaited U.S. President Donald Trump's national address regarding the conflict with Iran, while a tanker successfully transited the strategic Strait of Hormuz.
Oil Market Reaction
- U.S. West Texas Intermediate (WTI) crude futures for May delivery dropped 0.43% to $98.42 per barrel as of 9:15 p.m. ET.
- International benchmark Brent crude held steady at $101.08 per barrel.
Tanker Transit Through Hormuz
- The Liberia-flagged crude oil tanker Shenlong Suezmax docked at Mumbai Port after navigating the Strait of Hormuz.
- This transit occurred amid heightened tensions following the outbreak of the U.S.-Israel war against Iran on February 28, 2026.
- The Strait of Hormuz, a critical chokepoint, typically handles about 20% of global oil and gas flows, but traffic has halted since the conflict began.
Trump's Ceasefire Claim
- Earlier on Wednesday, President Trump posted on Truth Social that Iran had requested a ceasefire.
- He stated that the request would only be considered if the Strait of Hormuz is "open, free, and clear."
- Trump threatened further military action, saying the U.S. would continue "blasting Iran into oblivion" until conditions are met.
Iran's Denial and Stance
- Iran has denied Trump's assertion, calling it based on "absurd displays."
- The Islamic Republic affirmed that the Strait of Hormuz remains "decisively and dominantly under the control of the IRGC Navy," and will not be reopened based on U.S. demands.