New Delhi, March 10 -- Crude oil prices slumped nearly 10% on Tuesday morning after US president Donald Trump indicated the Iran war could be short-lived and signalled the possibility of easing oil-related sanctions on some countries.

At 8:15 AM, the April Brent contract on the Intercontinental Exchange was trading at $89.36 per barrel, down 9.70% from its previous close.

West Texas Intermediate (WTI) crude on the NYMEX was trading at $85.79 per barrel.

The decline came after a sharp rally on Monday, when Brent prices surged to nearly $120 per barrel, the highest level since July 2022, amid fears the conflict could disrupt global supply.

Addressing the media on Monday, Trump said the US administration would remove oil-related sanction...