OIL, ONGC, other oil exploration shares fall up to 6.5% as crude prices ease on Trump's comments

OIL, ONGC, other oil exploration shares fall up to 6.5% as crude prices ease on Trump's comments

• Oil exploration shares fell 6% amid sharp oil price drop
• Brent crude fell 6.6% to $92.45, WTI dropped 6.5% to $88.65
• Trump predicts imminent end to Middle East war, easing supply fears

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Shares of oil exploration companies fell up to 6.5% on March 10 as oil prices fell after hitting their highest level in more than three years in the prior session as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.

Brent futures fell $6.51, or 6.6%, to $92.45 a barrel at 0018 GMT, while U.S. West Texas Intermediate (WTI) crude was down $6.12, or 6.5%, to $88.65.

Shares of Oil and Natural Gas Corporation, Oil India Ltd were trading 1.5% and 1.7% lower, respectively. Shares of Hindustan Oil Exploration Company and Jindal Drilling were trading 6.7% and 3.3%, respectively.

The Nifty Oil & Gas index was trading 0.5% lower on March 10.

Oil prices surged past $100 a barrel on Monday, hitting session highs of $119.50 for Brent and $119.48 for WTI, their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding U.S.-Israeli war with Iran stoked fears of major disruptions to global supplies.

Prices later retreated after Russian President Vladimir Putin held a call with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a prolonged supply disruption.

Trump said on Monday in a CBS News interview that he thinks the war against Iran "is very complete" and that Washington was "very far ahead" of his initial four- to five-week estimated timeframe.

In response to Trump, Iran's Revolutionary Guards (IRGC) said they would "determine the end of the war" and that Tehran would not allow "one litre of oil" to be exported from the region if U.S. and Israeli attacks continued, state media reported on Tuesday citing IRGC's spokesperson.

But those comments did not lift prices, which were also under pressure because Trump is considering easing oil sanctions on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices amid the Iran conflict, according to multiple sources.