US President Donald Trump on Sunday said the recent surge in global oil prices triggered by the escalating conflict in West Asia is a “small price to pay” if it results in eliminating Iran’s nuclear threat.
In a post on Truth Social, Trump argued that the rise in oil prices would be temporary and would decline quickly once Iran’s nuclear capabilities are dismantled.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump wrote.
Oil Prices Cross $100 Per Barrel
Trump’s remarks come as global crude prices surged past $100 per barrel on Sunday, marking the first time they have crossed that level since the Russia-Ukraine war began in 2022, according to a report by CNN Business.
The spike has raised concerns among investors that the conflict involving Iran could lead to disruptions in global oil supply. The report said the situation has intensified as hostilities expanded across parts of West Asia and the Gulf, including attacks targeting oil refineries in the region.
Oil Futures Rise Sharply
According to CNN Business, US oil futures jumped about 18 per cent to roughly $108 per barrel, reaching their highest level since July 19, 2022.
Meanwhile, Brent crude, the global benchmark, also surged nearly 16 per cent, approaching $108 per barrel, the report added.
The sharp increase in oil prices has also affected global financial markets. Traders fear that a prolonged spike in energy costs could trigger another round of inflation and weigh on economic growth.
The report noted that Dow futures fell by more than 800 points, or around 1.7 per cent, while S&P 500 and Nasdaq futures dropped approximately 1.6 per cent.
In the aftermath of US military strikes on Iran, the average price of gasoline in the United States rose to $3.45 per gallon on Sunday, an increase of 16 per cent compared to the previous week, according to data from AAA cited by CNN Business.
Analysts warn that if oil and gas prices remain elevated for a prolonged period, it could worsen affordability issues in the US. Such a scenario may also create political challenges for Trump and his party ahead of the midterm elections scheduled later this year.
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