Oil prices have climbed above $100 per barrel as the United States and Israel continue their war against Iran, shaking global energy markets.
On Sunday, Brent crude — the global oil benchmark — surged by more than 20 percent and briefly crossed $114 a barrel as investors worried that the conflict could severely disrupt worldwide oil supplies.
Oil prices eased slightly but remained high at about $107.50 per barrel by 02:30 GMT on Monday.
The jump pushed oil above $100 for the first time since Russia launched its invasion of Ukraine in 2022.
US President Donald Trump, who focused his 2024 campaign on lowering living costs, dismissed concerns about the sudden rise in oil prices.
In a post on Truth Social, Trump said the increase would not last long. He argued that prices would fall quickly once the threat from Iran’s nuclear program ended. He added that temporary high prices were a small cost for global safety and peace.
US Energy Secretary Chris Wright also played down the risk of higher fuel costs. Speaking on CBS News’ Face the Nation, he said any rise in petrol prices would likely be temporary.
Oil prices have climbed about 50 percent since the United States and Israel launched joint strikes on Iran on February 28.
Iran responded by disrupting shipping through the Strait of Hormuz, one of the world’s most critical oil routes. The move has effectively halted tanker traffic and threatened nearly one-fifth of global oil supplies.
Meanwhile, major producers including Iraq, United Arab Emirates and Kuwait have reduced production within the Organization of the Petroleum Exporting Countries. The shutdown of the waterway has left large volumes of oil stuck with limited export options.
Regional Energy Facilities Face Threats as Iran-Israel Conflict Escalates
Several countries have accused Iran of carrying out attacks on energy facilities across the Gulf region, including sites in Qatar, Saudi Arabia, and Kuwait.
On Saturday, Israel launched air strikes that directly targeted Iran’s oil infrastructure for the first time since the war began.
According to Iranian state media, the attacks struck four oil storage sites along with a major oil transfer facility located in Tehran and the nearby Alborz Province.
In response, the Islamic Revolutionary Guard Corps warned that it could strike energy installations across the region. Officials said oil prices could surge to $200 per barrel if the United States and Israel continue their military actions.
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