Oil prices drop slightly as Mideast war enters Day 14 amid Iran's Hormuz threats: Diplomacy to show a way out?

Oil prices experienced slight declines on Friday (March 13, 2026) following extreme volatility that saw crude rates to skyrockets.

West Texas Intermediate (WTI), a key US crude oil benchmark, was a trading at around $95.11 per barrel (down -0.62 or -0.65%) and Brent crude at approximately $100.1 per barrel (down -0.35 or -0.35%) at around 00:34 GMT on Friday (9.34 am in Tokyo), according to OilPrice.com.

These modest pullbacks follow extreme volatility driven by the ongoing US-Israeli conflict with Iran, which disrupted supplies through the Strait of Hormuz and initially pushed benchmarks sharply higher (peaking near $120 in some sessions).

Analysts attribute the recent easing to de-escalation signals and hopes for resolution: President Donald Trump's comments suggesting the war is "very complete" or nearing an end, reducing fears of prolonged supply disruptions, as per the BBC.

Diplomatic exchanges, including a phone call between Trump and Russian President Vladimir Putin, as well as Indian Prime Minister Narendra Modi and Iranian President Masoud Pezeshkian, hinted at potentials for a quick settlement.

Still, market reactions to potential US involvement in securing the Strait of Hormuz or easing related pressures are complicated by various reports on conflicting signals about shipping access.

Despite these dips, prices remain significantly elevated year-to-date due to lingering geopolitical risks and earlier supply concerns.

Murban crude (a Middle East benchmark less dependent on the Strait) has seen a sharp surge to $117.7 (+16.99 or +16.87%), reflecting regional premium pricing amid the tensions.

Natural gas showed minimal movement, based on latest live data. Overall, markets continue to monitor Middle East developments closely for further direction.