Oil prices plunge to $87.8 per barrel as IEA eyes emergency release with Strait of Hormuz in focus

Crude prices sank and equities mostly rose on Tuesday (March 10, 2026) as oil-importing countries discussed a possible stockpile release while monitoring the Strait of Hormuz, a key petroleum waterway emptied of traffic as the war in West Asia rages.

International oil benchmark, Brent North Sea crude, plunged 11.3% to $87.80 a barrel, a day after it neared $120.

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The drop in oil prices gathered pace as member states of the International Energy Agency (IEA) met for crisis talks to assess "the current security of supply" and the potential release of emergency stocks.

In a statement following a Paris meeting of G7 energy ministers, IEA executive director Fatih Birol said he was "in close contact" with energy ministers from key energy producers and consumers regarding the situation.