By Abiola Olawale
United States President Donald Trump dismissed the sudden surge in global energy costs as a “small price to pay” for the dismantling of Iran’s nuclear program, even as crude oil prices rocketed past $100 a barrel for the first time in nearly four years.
The sharp escalation follows heightened military activity in the Middle East. Markets reacted aggressively to the widening conflict, with West Texas Intermediate (WTI) jumping over 20% to $109.17, while the international benchmark Brent Crude surged to $116.18 in early Monday trading.
Taking to social media, the US President reiterated his “Maximum Pressure” stance, arguing that the economic turbulence is a temporary byproduct of a necessary strategic victory.
”Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, are a very small price to pay for the U.S.A., and world safety and Peace,” President Trump posted.
“ONLY FOOLS WOULD THINK DIFFERENTLY!”
The administration has remained firm on its objective to reduce Iran’s oil exports to zero and eliminate its nuclear capabilities, a campaign that intensified last month with Operation Midnight Hammer.
Maritime traffic in the Strait of Hormuz — through which 20 percent of global crude and gas passes — has all but halted since the war began on February 28.
Oil and gas producers around the Gulf have meanwhile begun to decrease output, while Israeli strikes on fuel depots in Tehran have raised fears of retaliatory attacks on neighboring countries’ infrastructure.
Soaring crude prices have already translated into rising costs at the fuel pump in the United States, a highly sensitive political issue heading into midterm elections in November.
