Trump defends spike in oil prices after Iran escalation

In the White House chief's opinion, after the elimination of the nuclear threat from Tehran, energy prices will quickly return to their previous level.

"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 noted, adding in response to criticism: "Only fools would think differently."

Sharp surge in quotations

According to the BBC News Russian service, oil prices exceeded $100 per barrel after the weekend.

Brent crude rose by 18% to $108.68, while US WTI increased by nearly 20% to $108 per barrel.

This is the sharpest rise since February 2022, when oil prices also surpassed the $100 mark following the start of Russia's full-scale invasion of Ukraine.

Reasons for the price hike

The increase in oil prices is linked to reduced production by major producers in the Middle East and the effective blockade of the Strait of Hormuz, one of the key routes for oil and gas supplies.

The escalation of the US-Israeli conflict with Iran has intensified investor fears regarding potential long-term supply disruptions, which caused the sharp jump in quotations on global markets.

Prospect of lower prices

Trump emphasized that after eliminating the threat of Iran's nuclear weapons, global oil prices will quickly drop, which will help stabilize the market. According to him, the short-term price increase is the price of safety and peace for the US and the entire world.

US Secretary of Energy Chris Wright emphasized that Washington maintains its sanctions policy against Russia, and the current relaxations in oil supplies will be temporary.

US President Donald Trump stated that Iran's new supreme leader will not last long if Tehran does not secure his personal approval.