Live updates: Trump calls oil price surge ‘small price to pay’ as Iran names new leader
The Bottom Line
Oil prices neared $100 a barrel due to conflict with Iran; President Trump called it a 'small price to pay.'
How This Affects You
Higher oil prices could increase your gasoline costs by $0.10-$0.20 per gallon and raise prices for goods due to higher transportation costs.
Oil prices neared $100 a barrel overnight Monday following escalating conflict with Iran. President Trump stated the surge was a “very small price to pay” for “peace” in a social media post. Energy Secretary Chris Wright previously downplayed concerns regarding the Strait of Hormuz’s closure and its impact on energy markets. The ongoing conflict and its potential effects on global oil supply routes continue to influence market stability. This situation highlights the economic implications of geopolitical tensions in the Middle East.
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This article is part of a story we're tracking:
Iran & Middle East Conflict
Tracking the evolving military and diplomatic situation across the Middle East, including US-Iran tensions, Israeli operations, proxy conflicts, and the broader geopolitical implications for the region.
Economy & Markets
Monitoring the US and global economy including inflation, employment, Federal Reserve policy, trade tensions, market volatility, housing affordability, and the financial pressures facing American households.
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