Faisal Islam: Trump comments may have eased oil price surge, but havoc remains
It has been the most volatile day of oil trading in world history, and there is much still to play out.
Coverage by Political Leaning
See how different sides of the spectrum reported this story
Notable Quotes
"the best way to help consumers would be a de-escalation of military tensions."
— Donald Trump , Politician
"the best way to help consumers would be a de-escalation of military tensions."
— Donald Trump , Politician
"I thought the war against Iran was 'very complete' and Washington was 'very far ahead' of my initial four- to five-week estimated timeframe."
— Donald Trump , Politician
"Clearly Trump’s comments about a short-lived war have calmed markets."
— Suvro Sarkar , Executive
"Once traders sensed that supply routes could still be maintained, the initial 'panic premium' that had pushed prices above the $100 mark yesterday started to fade, and oil prices quickly pulled back."
— Priyanka Sachdeva , Other
Key People
Former president of the United States known for his aggressive economic policies.
Priyanka Sachdeva is a senior market analyst at Phillip Nova.
Suvro Sarkar is the energy sector team lead at DBS Bank.
Vladimir Putin is the President of Russia.
Tags
All Coverage
It has been the most volatile day of oil trading in world history, and there is much still to play out.
As the oil price spiralled to $115 (£86) a barrel, word emerged of an emergency meeting of the G7 finance ministers. Reports suggested there could be a 300 million barrel release of emergency stockpiles coordinated by the International Energy Agency.
The escalating conflict in West Asia has become a significant economic hazard, with energy central to the global economy's functioning. World leaders convened an emergency meeting of the Group of 7 countries, where finance ministers considered tapping their national stores of oil to increase available supply.
Oil prices fell after hitting an over three-year high as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.
Similar Stories
Related coverage based on topic and tags
Oil falls as Trump comments on Iran talks ease supply concerns - Reuters
Oil falls as Trump comments on Iran talks ease supply concerns Reuters
October 9, 2026 at 02:28 AMOil rises as Middle East supply concerns persist amid shipping attacks - Reuters
Oil rises as Middle East supply concerns persist amid shipping attacks Reuters
October 8, 2026 at 01:25 AMAnalysis: Trump's shock Russia deal highlights mounting pressure to curb fuel prices
The US president hopes to ease his party's pain before next month's midterm elections, writes the BBC's North America correspondent.
October 9, 2026 at 10:30 PMAsia shares weaker, oil up as investors weigh Saudi-Houthi escalation - Reuters
Asia shares weaker, oil up as investors weigh Saudi-Houthi escalation Reuters
October 7, 2026 at 02:40 AMUS EIA hikes oil price forecasts again as Iran war drains global stockpile - Reuters
US EIA hikes oil price forecasts again as Iran war drains global stockpile Reuters
October 6, 2026 at 05:39 PMWall St futures decline as oil surge, high yields stoke inflation worries - Reuters
Wall St futures decline as oil surge, high yields stoke inflation worries Reuters
October 8, 2026 at 11:56 AM