Oil Prices Rise Due to War; Trump: A Small Price to Pay
United States President Donald Trump has responded to the surge in oil prices resulting from the war waged by the US and Israel against Iran since 28 February. Trump views the oil price spike as a short-term movement and describes it as “a very small price to pay”.
Trump, according to Bloomberg and Al Arabiya, on Monday (9 March 2026), stated that oil prices will fall rapidly “once the destruction of Iran’s nuclear threat ends”.
“Short-term oil prices, which will fall rapidly once the destruction of Iran’s nuclear threat ends, are a very small price to pay for the US, the world, and security and peace,” Trump wrote in a statement via Truth Social.
“Only fools would think differently,” the US President stated.
The Middle East conflict shows no signs of abating following the coordinated US and Israeli attack on Iran more than a week ago. The conflict has expanded after Teheran struck Gulf nations hosting US military assets, triggering concerns of an inflation crisis.
The cessation of shipments through the Strait of Hormuz, the narrow waterway that typically handles one-fifth of global oil, combined with attacks on major energy infrastructure, has driven up crude oil and natural gas prices.
Oil prices have surged above US$100 per barrel as an increasing number of major Middle Eastern producers, including Kuwait and the United Arab Emirates, have reduced production due to rapid storage capacity constraints caused by the Strait of Hormuz closure. Iraq also began halting its production last week.
More than a dozen nations have been drawn into the conflict, yet Trump has instead signalled his intention to deepen the conflict that has already disrupted energy markets.
In a social media post on Saturday (7 March) morning, Trump stated that the US would consider attacking areas and groups in Iran that were not previously considered targets. This statement came after Iranian President Masoud Pezeshkian vowed not to back down.
Meanwhile, Iran has just announced Mojtaba Khamenei, the late Ayatollah Ali Khamenei’s son, as the new Supreme Leader. The Iranian Revolutionary Guards have pledged their allegiance to the new Supreme Leader.