economy
March 10, 2026
Oil over $100 a barrel ‘very small price to pay’ for Iran war
The spike in oil prices will not deter America in its war against Iran, US President Donald Trump has said
TL;DR
- President Trump believes rising oil prices are a minor cost for global safety amid the war on Iran.
- Brent crude oil prices surged past $100 per barrel, the largest daily gain since March 2020.
- Iran has closed the Strait of Hormuz and struck tankers in response to U.S. and Israeli airstrikes.
- Major oil producers like Iraq, UAE, and Kuwait have cut output due to storage limitations.
- U.S. officials are exploring measures to lower oil prices and have allowed India to temporarily buy oil from Russia.
- Experts predict oil prices could spike towards $120 per barrel and potentially exceed $200 in a prolonged conflict.
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