Oil prices collapse: WTI, Brent crude drop 10+% March 10: What's happening?

10/03/2026 06:10 AST

The WTI crude dropped more than 10% to $85.267 per barrel as of 11.07am in Japan (3:07 am GMT Tuesday), even as other benchmarks like Brent (at $88.570, -10.50%).

Murban crude stood at $110.17 (up +6.71%).

The discrepancy in price movements reflect the sharp volatility from escalating US-Israel-Iran tensions.

Oil prices surged above $100 per barrel amid fears of Middle East supply disruptions, including the tanker squeeze in the Strait of Hormuz.

The US crude oil benchmark, WTI, dropped more than 5% on Monday upon opening on the Chicago Mercantile Exchange, continuing the prior session's volatility.

Prices soared earlier Monday, with WTI hitting as high as $119.48 and Brent reaching $119.50 before falling.

This was followed by a rapid pullback after reports that G7 nations and the US were considering a massive release of up to 400 million barrels from strategic petroleum reserves (SPR) to stabilise markets.

What is WTI?
WTI, as the US-centric benchmark tied to inland supply at Cushing, Oklahoma, experienced a steeper decline - dropping roughly $15 per barrel intraday - due to the anticipated influx of domestic supply from the SPR release, which would directly pressure US crude inventories and export dynamics.


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Ticker Price Volume

Crude Oil

(In US Dollar) Change Change(%)
Brent 93.32 9.01 10.69
WTI 91.36 12.51 15.87
OPEC Basket 90.1 7.23 8.72

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