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Oil prices "will fall rapidly with the completion of the destruction of the Iranian nuclear threat . "
This is what US President Donald Trump declared on his social network Truth Social.
The price hike is "a small price to pay for the peace and security of the United States and the world. Only crazy people think otherwise," Trump stressed.
Meanwhile, the world is facing a sudden increase in oil prices following the war in the Middle East.
Global oil prices are rising sharply as the escalating conflict between the United States, Israel and Iran raises fears of a prolonged disruption to shipping in the Strait of Hormuz. A blockage of this strategic route, through which about a fifth of global oil supplies pass, could lead to significant price increases for consumers and businesses around the world.
The tensions have pushed oil prices towards $120 a barrel for the first time since 2022, causing major volatility in financial markets. In South Korea, the main KOSPI stock index activated a “circuit breaker” mechanism after a drop of more than 8%, forcing a trading halt for 20 minutes.
The biggest pressure was felt by the country's tech giants. Samsung Electronics shares fell more than 10%, while SK Hynix's plunged 12.3%.
Energy markets reacted as several Middle Eastern countries cut production and heightened risks to shipping in the Strait of Hormuz. Brent crude futures rose 26.1% to $116.08 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 27.6% to $116.03 a barrel, their biggest one-day gain since late 1988.
Analysts warn that if tensions continue and oil flows through the strait do not resume, prices could quickly cross the $120–130 per barrel mark.
Experts warn that even if the conflict ends quickly, consumers and businesses could face weeks or months of high fuel prices.
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