Oil prices surged above $100 per barrel Monday as markets reacted to the ongoing conflict involving Iran, but President Donald Trump said the spike would be temporary and would fall once the military operation targeting Iran’s nuclear capabilities is complete.
Global benchmark Brent crude briefly climbed as high as $118 per barrel Monday morning before settling around $104, more than $10 higher than Friday’s close. It marked the first time Brent crude has crossed the $100 threshold since late 2022.
The increase comes as tensions in the Middle East disrupt shipping routes and oil infrastructure, particularly around the critical Strait of Hormuz, one of the world’s most important energy transit points.
Trump addressed the price jump in a Truth Social post Sunday night, arguing that the short term increase is a small cost compared with eliminating what he described as Iran’s nuclear threat.
“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,” Trump wrote. “Only fools would think differently.”
Gas prices in the United States have already begun rising in response to the surge in crude oil prices. According to AAA, the national average price for gasoline increased from $2.99 per gallon a week ago to $3.47 on Monday.
The market volatility follows attacks on energy infrastructure across the region. Iran has reportedly launched strikes on several oil related facilities as the conflict escalates.
One target included the Ras Tanura refinery operated by Saudi energy giant Aramco, which produces roughly 550,000 barrels of oil per day. The company temporarily shut down the facility as a precaution after an Iranian drone attack.
Another Iranian drone strike on Monday appeared to target Bahrain’s Bapco oil refinery, the country’s largest energy facility.
Israel has also carried out strikes targeting Iranian oil infrastructure near Tehran, saying the facilities were used to support the country’s military operations.
The instability has also raised concerns about tanker traffic through the Strait of Hormuz, where a large percentage of the world’s oil supply passes each day.
Trump previously said the United States is prepared to step in to keep global energy shipments moving safely if necessary.
“If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz as soon as possible,” Trump said. “No matter what, the United States will ensure the free flow of energy to the world.”
Iranian officials responded with warnings about the potential presence of American naval escorts in the region.
“Iran strongly welcomes the escort of oil tankers and that U.S. forces will be there for the crossing of the Strait of Hormuz,” said Iranian Revolutionary Guard spokesman Alimohammad Naini.
American and Israeli strikes against Iranian military and nuclear infrastructure have continued through the weekend, with officials saying the operation will continue until Iran’s nuclear and missile production capabilities are fully dismantled.
The post Oil Prices Jump Above $100 As Trump Says Spike Is Temporary appeared first on Real News Now.
About Author
