Oil price exceeded $100 per barrel

(Patria) - The price of oil has exceeded $100 per barrel for the first time since Russia invaded Ukraine in 2022. US President Donald Trump called the rise in oil prices "a very small price to pay".

Oil futures and gasoline prices have surged as traders fear that a war in Iran could lead to a prolonged disruption of global oil supplies. Concerns have further increased after the conflict spread to other Middle Eastern countries, including attacks on refineries in that oil-rich region.

Iran has threatened to attack any oil tanker passing through the Strait of Hormuz, through which about 20% of the world's oil passes. The price of oil recorded its largest single-day increase in six years, and Brent, the global oil benchmark, jumped by more than 20% to $114 (£85) a barrel.

"The short-term oil prices, which will fall quickly when the destruction of the Iranian nuclear threat is completed, are a very small price that the USA and the world are paying for security and peace. ONLY A FOOL WOULD THINK OTHERWISE!", Trump wrote on the social network Truth Social.