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Short-term spikes in the cost of oil are a “small price to pay” for peace, President Trump has said.
In a post on Truth Social on Sunday, President Trump said prices would quickly “drop rapidly” once the “destruction of the Iranian nuclear threat is over.”
Brent Crude spiked to nearly $120 a barrel, before dropping to $106.23.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” President Trump wrote.
“ONLY FOOLS WOULD THINK DIFFERENTLY!”
Shipping through the vital Strait of Hormuz—through which 20% of the world’s oil shipments pass daily—has almost stopped as a result of Operation Epic Fury, the joint US-Israeli strikes against Iran.
Last week, the national average for a gallon of regular gasoline jumped by 27 cents to an average of $3.25, according to American Automobile Association.
“The last time the national average made a similar weekly jump was back in March of 2022 during the start of the Russia/Ukraine conflict,” the organization said.
The most expensive gasoline prices are in California, Washington State and Hawaii.
Energy Secretary Chris Wright told CBS that prices would come down in weeks rather than months, and said the operation against Iran would deliver an “era of even lower prices.”
