Amid the ongoing surge in global oil prices triggered by escalating conflict in West Asia, US President Donald Trump said the “short-term" spike is worth the cost and is a “very small price to pay" if it eliminates Tehran’s nuclear threat.

In a post on Truth Social, Trump argued that oil prices would “drop rapidly" once Iran’s nuclear capabilities are destroyed, adding that “only fools would think differently."

“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!"

Trump’s remarks came as the oil prices surged past USD 100 per barrel on Sunday — the first time crossing the mark since the Russia-Ukraine conflict began in 2022, according to CNN.

Meanwhile, investors have raised concerns over the conflict and have warned that theconflict could lead to prolonged restrictions on the flow of oil around the globe. Notably, the oil and gasoline prices have skyrocketed as the conflict with Iran drew in other countries of West Asia and the Gulf, including attacks on refineries in the region.

The massive surge in oil prices have also weighed heavily on stocks in recent days, with traders fearing that a prolonged spike in fuel prices could lead to another spike in inflation and hurt the economy, CNN reported.

In the wake of the US military strikes on Iran, the average price of gasoline in America touched $3.45 a gallon on Sunday, up 16% from the week prior.

Source: News18