NEWSFLASH: Oil prices surge above $100
Sitting now at $105.00 per barrel, a rise of nearly 70% this year. Trump says it's a "very small price to pay."
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On February 28th, the day the Iran War began, Brent oil prices were sitting at $73.93.
Brent crude is the primary global oil benchmark.
The current price means that oil has spiked 42% in just nine days due to the Iran War.
Factors include threats on shipping around the Strait of Hormuz, where 20 percent of the world’s seaborne oil supplies pass, as well as attacks on the region’s energy infrastructure.
The all time high is ~$145 per barrel, set in 2008.
Aware of the political peril this puts him in, Trump pledged the prices would fall quickly once he achieved his military campaign objectives.
But the timeline for this remains unclear, and his mission objectives remain uncertain. Uncertainty is often a driver of volatility in markets.
Trump campaigned on lower prices and no new wars.