Trump Frames Rising Oil Prices as “A Very Small Price to Pay” Amid Iran War
Oil prices rose above $100 per barrel on Sunday for the first time in nearly four years as the war involving Iran raised concerns about disruptions to global energy supplies. Brent and West Texas Intermediate crude both climbed more than 15 percent when markets opened. Maritime traffic through the Strait of Hormuz, which carries about 20 percent of global oil and gas shipments, has largely halted since the conflict began on Feb. 28. U.S. President Donald Trump defended the military campaign and said the price increase was temporary, adding that "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." Energy Secretary Chris Wright said supply disruptions could last only a few weeks and that global oil markets remain well supplied. U.S. officials are also considering measures to protect tanker traffic through the Strait of Hormuz and examining options to stabilize supply as the conflict continues.