Kumar Bahukhandi
US President Donald Trump speaks to reporters (AP Photo/Mark Schiefelbein)
Trump argued that oil prices would “drop rapidly” once Iran’s nuclear capabilities are destroyed, adding that “only fools would think differently”
Washington DC: Amid surging global oil prices triggered by escalating conflict in West Asia, United States President Donald Trump said the “short-term” spike is worth the cost 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.”
Calling it a small price to pay for American and world safety and peace, Trump wrote, “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 aimed to assuage fears after oil prices surged past USD 100 per barrel on Sunday — the first time they crossed the mark since the Russia-Ukraine conflict began in 2022, according to CNN Business.
According to CNN Business, investors have expressed concern that the conflict with Iran could lead to prolonged restrictions on the global flow of oil.
The report added that 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.
It further reported that US oil futures rose 18 per cent to about USD 108 a barrel — their highest level since July 19, 2022 — while Brent futures, the global benchmark, increased 16 per cent, nearing USD 108 a barrel.
According to CNN Business, the surging oil prices have weighed heavily on stocks in recent days, with traders fearing that a prolonged spike in fuel prices could lead to another rise in inflation and hurt the economy.
The report noted that Dow futures dropped more than 800 points, or 1.7 per cent, while S&P 500 and Nasdaq futures fell 1.6 per cent.
In the wake of the US military strikes on Iran, the average price of gasoline in the United States touched USD 3.45 a gallon on Sunday, up 16 per cent from the previous week, according to AAA, as cited by CNN Business.
The report highlighted that a prolonged spike in oil and gas prices could worsen affordability in the United States, potentially putting Trump and his party in a precarious political position ahead of the midterm elections this year.
( Source : ANI )
