Oil futures settled sharply lower on Tuesday, extending losses from the overnight session, as world leaders considered releasing emergency crude supplies with the Iran conflict stretching into an 11th day.

March 10 (Reuters) - U.S. crude oil exports decreased 3% in 2025 from 2024, the first annual decrease since 2021, the U.S. Energy Information Administration said on Tuesday. The U.S. exported 4.0 million barrels per day of crude oil,

Shortly before 7 a.m. ET, global benchmark Brent crude futures were 2% higher to $89.49 a barrel, after earlier rising to nearly $93. U.S. crude oil gained 2.4% to trade at $85.44

A drop in oil prices slowed after Defense Secretary Pete Hegseth warned the day would be America's "most intense day of strikes inside Iran."

Drivers are paying an average of 20 percent more at the pump since the strikes on Iran began. The global oil price was higher and stocks were mixed.

India's crude oil supply is secure, with access to 55 lakh barrels per day, despite the ongoing war between US and Iran, the government said.| India News

Oil was slightly higher as traders expect a group of countries to tap emergency crude reserves to mitigate disruption caused by the war in the Middle East.