Trump calls rising oil prices a 'small price to pay' in war with Iran

The president called rising oil prices short-term and \

As the U.S.-Israel war with Iran rattles global energy markets, President Donald Trump said that rising oil prices are a “small price to pay,” and suggested that people concerned about them are “fools.”

In a post on social media on Sunday, March 8, the president criticized the mounting concerns and cast the price hikes as temporary.

"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 wrote, noting, "ONLY FOOLS WOULD THINK DIFFERENTLY!"

Oil prices, on Monday, March 8, jumped above $110 a barrel − a high not matched since 2022.

Brent crude, one of the two global crude oil benchmarks, surged to $119.50 per barrel early on Monday, March 9, but later it was trading near $103 per barrel, up about 11%. West Texas Intermediate benchmark, the crude produced in the United States, was at about $101 per barrel just before the New York Stock Exchange opening bell.