Oil Wipes Out Gains to Trade Below $90 in Wild Trading Session

Smoke rises after an explosion in the industrial zone in Fujairah, United Arab Emirates, on Tuesday, March 3, 2026. Oil surged for a second day as the US and Israel stepped up their war against Iran, with a fire at a key storage hub in the United Arab Emirates underscoring the risk to energy supplies.Bloomberg

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By Bloomberg News

March 8, 2026 at 10:03 PM UTC

Updated on

March 9, 2026 at 8:07 PM UTC

Oil’s wild ride continued late Monday as futures moved lower in post-settlement trading that took prices toward $80 a barrel after US President Donald Trump’s latest remarks on Iran sent volatility surging.

The move lower came after Trump signaled the US war on Iran could be ending soon, saying the operation was ahead of schedule as he confronted mounting pressures amid surging energy prices. “I think the war is very complete, pretty much,” Trump told CBS News Monday in a phone interview.