Crude Oil Plummets 30% from Peak: Uncovering the True Reasons Behind the Market Collapse

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Crude Oil Plunges 30% from High: Trump's Iran Statement, Global Fears Drive Crash

US Attack crude oil price

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CNBC Awaaz•10-03-2026, 07:44

Crude Oil Plunges 30% from High: Trump's Iran Statement, Global Fears Drive Crash

•Brent crude plummeted from nearly $119.5 to $85, while WTI fell 10% to $85, marking a $38 single-day fluctuation.
•US President Donald Trump's statement on the Iran conflict ending soon triggered the initial sharp decline in prices.
•Fears of weak global demand due to economic slowdowns in China and Europe contributed significantly to the price drop.
•Apprehension of excess supply from major oil producers and a stronger US dollar also put downward pressure on prices.
•Geopolitical instability and market panic leading to heavy selling by large funds exacerbated the crude oil crash.

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