Trump says oil price surge ‘a very small price to pay’ for US ‘safety and peace’ amid Iran war

WASHINGTON, DC: President Donald Trump shared a post on Truth Social about rising oil prices in the United States. The president said the increase is “a very small price to pay” for safety and peace for the US and the world in the future, as tensions continue during the US and Israel conflict with Iran.

His comments came shortly after oil prices jumped past $100 per barrel when trading opened on Sunday evening, March 8. As the Iran war entered its ninth day, Trump added that only “fools” would think the prices would not drop quickly.

Meanwhile, crude oil prices crossed $110 per barrel after major producers in the Middle East reduced output. The situation has worsened because the Strait of Hormuz, a key global oil route, remains closed due to the ongoing war with Iran. 

Trump defends oil surge amid Iran war

On Sunday, March 8, Donald Trump took to Truth Social to address concerns about rising oil prices during the ongoing conflict with Iran. In his post, he argued that the temporary spike in energy costs is worth it if it leads to long-term security.

He wrote, "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 USA, and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!"

The US conflict with Iran has recently pushed domestic oil and gas prices higher. The rise in energy costs comes at a time when economic issues remain a major concern for voters.

Affordability has consistently ranked among the top issues for Americans as the country moves closer to the midterm elections.

Meanwhile, the Treasury Department has said it plans to release measures aimed at easing the pressure from rising energy prices. Officials say the upcoming plan will focus on ways to help manage the impact of higher oil and gas costs, as per CNBC.

Strait of Hormuz closure sends oil soaring

Iran has shut down the Strait of Hormuz, a narrow but critical sea route that carries about 20 per cent of the world’s oil supply from the Persian Gulf to the Indian Ocean and other global markets. The closure has quickly pushed oil prices much higher.

In response, West Texas Intermediate (WTI) crude jumped 26.5 per cent, rising by $24 to $114.9 per barrel. The global benchmark Brent crude also climbed 23 per cent, increasing by $21.56 to reach $114.25 per barrel.

US crude oil prices had already been rising sharply. Last week alone, prices surged by about 35 per cent, marking the largest weekly increase in futures trading since records began in 1983.

The last time oil prices crossed the $100 per barrel mark was in 2022, after Russia invaded Ukraine, which also disrupted global energy markets.