International Oil Prices Plunged from their Highs

On March 10th, Beijing time, early morning, Trump stated that the US was "considering taking over the Strait of Hormuz" and could "take many actions," coupled with news that the G7 planned to coordinate the release of strategic petroleum reserves, causing oil prices to plummet by over 30% intraday. Brent crude oil once fell to $83.66 before rebounding to $89.79.

Previously, in overnight trading, due to the disruption of shipping in the Strait of Hormuz (a 20% global oil transportation route) caused by US and Israeli military action against Iran, oil prices had broken through $100 per barrel and rose to over $119 at one point, the first time this level had been breached since 2022.

In the morning of March 10th, Beijing time, WTI crude oil opened sharply lower in Asian markets, falling by over 10% at one point. As of press time, it was down 7.67%, at $87.5 per barrel; Brent crude oil fell 3.13%, at $89.79 per barrel.

According to CCTV News, on March 9th local time, US Energy Secretary Wright stated that the US government is "discussing" coordinating the release of strategic petroleum reserves to address the current energy market situation.

On March 9th, G7 finance ministers issued a statement saying that all parties are prepared to take necessary measures, including releasing reserves, to support global energy supplies.

On the same day, G7 finance ministers held a video conference and discussed the current situation of the Middle East conflict with the heads of the International Monetary Fund, the World Bank Group, the Organization for Economic Cooperation and Development, and the International Energy Agency.

The statement said that all parties will continue to closely monitor developments and energy market dynamics, and will hold further meetings as necessary to exchange information and strengthen coordination among the G7 and international partners.

However, it is worth noting that Israel's military operations against Iran are still ongoing. According to CCTV News, early on March 10th Tehran time, the Israel Defense Forces announced a new round of large-scale airstrikes against the Iranian capital, Tehran.