Global Oil Prices Dip After Trump's Appeal to Secure Vital Strait, Halting 40% Rally

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Oil Prices Fall After Trump's Appeal to Secure Strait of Hormuz

US Attack crude oil price

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CNBC Awaaz•16-03-2026, 07:31

Oil Prices Fall After Trump's Appeal to Secure Strait of Hormuz

•International crude oil prices saw a slight decline on Monday after a 40% surge this month.
•The drop followed US President Donald Trump's appeal for other countries to help secure the Strait of Hormuz.
•Brent crude fell by 0.23% to $102.90 per barrel, while WTI crude dropped 1.08% to $97.64 per barrel.
•The 40% surge was due to US and Israel attacks on Iran, and Iran blocking the Strait of Hormuz, a route for 20% of global oil.
•Trump warned of further attacks on Iran's Kharg Island oil export terminal, which handles 90% of its oil exports.

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