US President Donald Trump said that a short-term increase in oil prices is a “very small price to pay” if it leads to the elimination of Iran’s nuclear threat and ensures global security.
In a post on the social media platform Truth Social, Trump wrote that higher oil prices caused by the ongoing conflict would eventually fall once Iran’s nuclear capabilities are destroyed.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, are a very small price to pay for USA and the world. Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump wrote.
His remarks come amid rising global oil prices following escalating tensions in the Middle East. Oil prices recently surged past USD 100 per barrel, driven by concerns over supply disruptions linked to the conflict involving Iran and its impact on key shipping routes and production in the region.
The price spike has raised concerns about higher fuel costs worldwide. Despite the concerns, Trump maintained that the price increase would be temporary and justified if it led to long-term global security.
US-Iran oil prices
Crude oil prices surpass USD 100 a barrel as the Iran war impedes production and shipping. Oil prices eclipsed USD 114 per barrel for the first time since 2022 on Monday as the Iran war intensified, threatening production and shipping in the Middle East.
The price for a barrel of Brent crude, the international standard, surged past USD 114 after trading resumed on the Chicago Mercantile Exchange. That was up 23 per cent from its Friday closing price of USD 92.69.
West Texas Intermediate, the light, sweet crude oil produced in the United States, was also selling for about USD 114 a barrel. That’s 25 per cent higher than its close on Friday at USD 90.90.
The war’s toll on civilian targets grew early Monday as Bahrain accused Iran of striking a desalination plant vital to drinking water supplies, and oil depots in Tehran smouldered following overnight Israeli strikes.
The increases followed the US crude price jumping by 36 per cent and Brent crude rising by 28 per cent last week. Oil prices have surged as the war, now in its second week, has ensnared countries and places that are critical to the production and movement of oil and gas from the Persian Gulf.
Roughly 15 million barrels of crude oil – about 20 per cent of the world’s oil – typically are shipped every day through the Strait of Hormuz, according to independent research firm Rystad Energy.
With inputs from PTI.
