International crude oil prices have surged past $100 a barrel in the wake of the Iran-Israel conflict and the US joining Israel in launching attacks on Iran, followed by Iranian retaliation.
The fighting has severely affected shipping through the Strait of Hormuz, a key global route for crude oil transport. The disruption has pushed prices sharply higher in global markets.
Crude was trading at $92.69 a barrel last Friday, but has now moved above $100 for the first time since 2022. Reports said prices are currently trading above $110.
Experts have warned that if the Iran-Israel-US conflict continues, crude could climb beyond $150 a barrel.
Responding to concerns over the spike, President Donald Trump dismissed the alarm in a social media post. He said oil prices would fall quickly once the threat of Iran’s nuclear weapons is eliminated, calling the short-term rise a “very small price” for security and peace.
