Trump Says Oil Rise From War Is A ‘Small Price’

US President Donald Trump said on Monday that the recent rise in oil prices, because of the US-Israel war with Iran, is a “very small price to pay” for global safety. Oil prices have increased sharply since 2022 as the conflict in the Middle East continues to grow. Trump shared on his social media that the higher oil prices are for a short period of time, and will fall again once the threat from Iran’s nuclear program is removed. He also added that paying slightly more for oil is worth it if it helps bring safety and peace to the United States and the world. 

Oil price has increased by 20% on Monday. This happened because of tensions in the Middle East, one of the world’s biggest oil-producing regions. The price of Brent crude oil, the global oil benchmark, rose to more than $114 per barrel, and the US oil benchmark, West Texas Intermediate (WTI), also increased to around $114 per barrel, higher than last week’s price.

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All this is happening because Iraq and Kuwait cut their oil production and reduced liquefied natural gas exports due to blocked shipments from parts of the Middle East. The major concern is the Strait of Hormuz, an important sea route through which about 20 percent of the world’s oil passes every day, roughly 15 million barrels of crude. Because of the fear of Iranian missile and drone attacks, many tanks have stopped going through that narrow route, and this has slowed the global oil supply. However, experts warned that fuel prices may remain high for weeks or even months, even if the conflict ends soon.