By Al Ahed Staff, Agencies
Crude oil prices have surged past $100 a barrel as the world reacts to the ongoing large-scale, unprovoked US-“Israeli” war against Iran.
The Brent crude benchmark jumped more than 20 percent on Sunday, briefly reaching $115 per barrel amid fears of prolonged disruptions to global energy supplies.
By 0230 GMT on Monday, the price moderated slightly to around $107.50, marking the first sustained climb above $100 since Russia’s 2022 operations in Ukraine.
US President Donald Trump, who campaigned on cost-of-living concerns during the 2024 election, attempted to downplay the spike, claiming on Truth Social that short-term price increases are “a very small price to pay for the USA and World, Safety and Peace” once the Iran nuclear threat is neutralized.
US Secretary of Energy Chris Wright also described potential increases at the pump as “temporary” during a CBS News interview.
Since the February 28 assassination of Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei and top Iranian commanders by US and “Israeli” forces, crude prices have jumped roughly 50 percent. Iran’s retaliatory measures, including a near halt to shipping through the strategic Strait of Hormuz, have exacerbated the global energy crunch.
Major oil producers in OPEC such as Iraq, the United Arab Emirates, and Kuwait have cut production due to mounting backlogs of barrels unable to move because of the Strait’s closure.
The disruption has sent shockwaves through global stock markets: Japan’s Nikkei 225 dropped over 7 percent, South Korea’s KOSPI fell more than 8 percent, and Hong Kong’s Hang Seng Index slid nearly 3 percent in early Monday trading.
US futures also saw sharp declines, with the S&P 500 down 1.7 percent and the Nasdaq Composite falling 1.9 percent.
The International Monetary Fund [IMF] warned that a sustained 10 percent rise in oil prices could increase inflation by 0.5 percent and reduce global economic growth by 0.15 percent, underscoring the broader economic consequences of Washington and Tel Aviv’s aggression against Iran.
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