Latest Oil Market News and Analysis for March 10

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Oil tumbled after US President Donald Trump signaled the Iran war will end soon, as the conflict in the Middle East upends global energy markets and sparks fresh concerns about an inflation crisis.
West Texas Intermediate plunged as much as 10% to $85.02 a barrel, following a volatile session on Monday that saw oil swing in the widest range since prices briefly turned negative during the depths of the pandemic. Trump said at a news conference in Florida that he plans to waive oil-related sanctions and have the US Navy escort tankers through the Strait of Hormuz.