United States President Donald Trump has said the recent surge in global oil prices will be temporary, insisting that prices will “drop rapidly” once the threat posed by Iran’s nuclear programme is eliminated.
Trump made the remark in a post on Truth Social as crude oil prices surged past $100 per barrel following escalating tensions in the Middle East involving Iran, the United States and Israel.
“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 said, adding that “only fools would think differently.”
The comment comes as global oil markets reacted sharply to intensifying hostilities in the region. Oil prices surged in early Asian trading on Monday, with West Texas Intermediate (WTI) crude trading above $108 per barrel, while Brent crude hovered at similar levels, marking the first time in nearly four years that prices have crossed the $100 threshold.
The rally followed a dramatic escalation in hostilities, including reported strikes on energy infrastructure and military installations across Iran and surrounding areas.
Israeli forces reportedly targeted fuel storage facilities near Tehran, while Iranian forces continued drone and missile attacks across the region, with ripple effects including strikes on Gulf targets and casualties on multiple sides.
The violence has heightened fears that oil supplies from the Middle East could be disrupted for weeks, particularly if shipping routes are affected. Energy traders are closely monitoring developments around the Strait of Hormuz, a key maritime corridor through which roughly one-fifth of the world’s oil supply passes daily.
Concerns over potential supply disruptions have also rattled financial markets. U.S. stock futures declined as investors reacted to rising energy costs and mounting geopolitical risks.
Analysts warn that prolonged disruptions to oil production or shipping routes could push crude prices even higher and trigger broader economic consequences, including increased inflation and higher energy costs for consumers worldwide.
Market watchers say the situation remains highly fluid, with every escalation in the Iran conflict likely to reverberate across global energy markets.
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