Oil prices rise above US$100 per barrel as fighting in Iran escalates – CNN

Oil prices exceeded US$100 per barrel on Sunday 8 March amid ongoing fighting in Iran. This is the first time prices have crossed that level since Russia launched its full-scale invasion of Ukraine in 2022.

Source: CNN; US President Donald Trump on Truth Social

Details: Oil and petrol futures have surged as traders fear that the war in Iran could lead to prolonged disruptions to global oil supplies. As a result, US crude oil futures jumped by 14.7%.

Brent crude futures, considered the global benchmark for oil prices, rose by 12.63% to reach US$104 per barrel as of 18:06 Eastern Time.

Meanwhile, rising oil prices increased pressure on stock markets. US indices opened sharply lower amid concerns about a new wave of inflation. Dow Jones futures dropped by more than 850 points, while the technology-heavy S&P 500 and Nasdaq lost about 1.7%.

The developments in the oil market have affected fuel prices. The average price of petrol in the US reached US$3.45 per gallon on Sunday after the first strikes on Iran on 28 February.

Trump described the rise in oil prices as a very small price" in a post on Truth Social.

Quote from Trump: "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 USA, and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!"

Background: On Sunday 8 March, members of the Trump administration defended the decision to temporarily ease some sanctions on Russian oil and predicted that the sharp rise in petrol prices caused by the war in Iran would last only a few weeks.

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