Oil soars past $100 a barrel amid Iran war
Al Jazeera
Crude oil prices rise by as much 20 percent as sprawling regional conflict threatens global energy supplies.
Oil prices have surged past $100 a barrel amid the fallout of the United States and Israel’s war on Iran.
Brent crude, the global benchmark, rose by as much as 20 percent on Sunday, topping $111 a barrel, as trades grew of prolonged disruption to global energy supplies.
The surge marked the first time oil rose above $100 per barrel since Russia’s 2022 invasion of Ukraine.
US President Donald Trump, who campaigned heavily on cost-of-living concerns in the 2024 election, brushed off the surge.
“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 in a post on Truth Social.
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