Oil prices soar to $100 per barrel due to strikes targeting Iran
Oil prices are at their highest since 2022 amid growing concerns about prolonged transportation disruptions due to the US-Israel war against Iran.
With global energy markets in turmoil due to the U.S.-Israel war on Iran, President Donald Trump has said that rising oil prices are “a small price to pay” and suggested that those worried about rising oil prices are “stupid.”
In a social media post on Sunday, March 8, the president criticized the growing concerns and said the price increases were temporary.
“The short-term price of oil, which will fall rapidly once the Iranian nuclear threat is destroyed, is a very small price to pay for America, the world, security and peace,” Trump wrote, adding, “Only a fool would think otherwise!”
On Monday, March 8, oil prices exceeded $110 per barrel, the highest since 2022.
Brent crude, one of the two world crude oil benchmarks, soared to $119.50 a barrel early on Monday, March 9, but has since been trading around $103 a barrel, up about 11%. West Texas Intermediate, a benchmark for crude oil produced in the United States, was around $101 per barrel just before the opening bell of the New York Stock Exchange.
President Trump’s post is the administration’s latest attempt to downplay the growing economic impact of the war against Iran, which is now in its 10th day since the Feb. 28 attack.
Energy Secretary Chris Wright told CNN’s Jake Tapper on Sunday, March 8, that the rise in oil prices won’t last long and that it’s a matter of “weeks, not months.”
President Trump and administration officials have not made clear how long they expect the war to last, adding to market stress.
Iran has effectively halted trade through the Strait of Hormuz, a maritime trade route that transports about 20% of the world’s oil. The president has previously said he is not concerned about rising gas prices and is confident the Strait of Hormuz will remain open.
On March 8, Senate Majority Leader Chuck Schumer (D-N.Y.) called on President Trump to release oil from the nation’s Strategic Reserve, the world’s largest emergency oil reserve, to lower soaring gas prices.
Contributor: Andrea Riquier
Kathryn Palmer is USA TODAY’s political reporter. She can be reached at the following address: kapalmer@usatoday.com And to X@Kathryn Purml. Sign up for her daily politics newsletter here.
