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US President Donald Trump took to Truth Social on Sunday evening US time and said that the rise in oil prices is a "very small price to pay" for defeating Iran and to ensure world peace.
"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. ONLY FOOLS WOULD THINK DIFFERENTLY! President DJT," Trump posted on his social media account.
Crude oil prices are now nearing the $110 per barrel mark after a 20% surge in early trading after the weekend break. Both Brent and US Crude variants are trading above the mark of $100 and nearly at the same price of close to $110 per barrel.
Trump Administration officials have made multiple announcements with regards to ensuring the safe passage of oil tankers through the contentious Strait of Hormuz, but no concrete steps have been taken just yet.
The rise in oil prices have roiled financial markets globally, with the Dow futures tanking as much as 950 points in early trading on Sunday. Gulf nations, including Iraq, the UAE and Qatar have cut back on production due to the ongoing concerns and as they continue to run out of barrels for storage of the produced crude, as tankers are stuck at the Persian Gulf due to the ongoing war.
"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. ONLY FOOLS WOULD THINK DIFFERENTLY! President DJT," Trump posted on his social media account.
Crude oil prices are now nearing the $110 per barrel mark after a 20% surge in early trading after the weekend break. Both Brent and US Crude variants are trading above the mark of $100 and nearly at the same price of close to $110 per barrel.
Trump Administration officials have made multiple announcements with regards to ensuring the safe passage of oil tankers through the contentious Strait of Hormuz, but no concrete steps have been taken just yet.
The rise in oil prices have roiled financial markets globally, with the Dow futures tanking as much as 950 points in early trading on Sunday. Gulf nations, including Iraq, the UAE and Qatar have cut back on production due to the ongoing concerns and as they continue to run out of barrels for storage of the produced crude, as tankers are stuck at the Persian Gulf due to the ongoing war.
