By Amjad Kaimkhani
WASHINGTON: US President Donald Trump described the recent spike in crude oil prices as temporary, saying that prices would fall sharply once the nuclear threat from Iran is resolved. He called the increase “a very small price for the peace and security of the US and the world.”
Global markets have witnessed a significant rise in oil prices following escalating tensions in the Middle East. According to market data, WTI crude oil surged by 29.21%, reaching $117 per barrel, while Brent crude jumped 26.9% to $117.6 per barrel. US crude also rose by nearly 19%, climbing to $108 per barrel.
Trump’s remarks come as international observers monitor the impact of geopolitical tensions on global energy markets.
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