Oil prices climbed above $100 a barrel on Monday after the latest escalation in the U.S.-Israel conflict with Iran heightened concerns about supply disruptions and tanker traffic through the Strait of Hormuz. President Donald Trump said in a Truth Social post that the price spike would be temporary and would ease once Iran’s nuclear threat is eliminated.
Global benchmark Brent crude rose above $100 a barrel early Monday and traded as high as about $118 before pulling back to roughly $104, according to market data cited by several outlets. The move put Brent above $100 for the first time since 2022 and represented a gain of more than $10 from Friday’s close.
The price surge came as shipping and energy infrastructure risks in the Gulf intensified. The Daily Wire reported that the U.S.-Israeli campaign against Iran and Tehran’s response have disrupted tanker traffic through the Strait of Hormuz, a key route for global oil exports.
President Trump addressed the jump in prices in a Sunday night Truth Social post, saying: “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!”
In the region, Saudi Aramco temporarily shut down parts of its Ras Tanura refinery after a reported drone attack, with multiple reports describing the move as a precaution while inspections were carried out. Separately, Reuters reported that thick smoke was seen near Bahrain’s Bapco refinery after Bahrain said an Iranian drone attack caused injuries and property damage in the Sitra area; Reuters described the situation as developing.
U.S. officials have also floated measures aimed at reducing shipping risk. Trump said last week that he would direct the U.S. International Development Finance Corporation (DFC) to provide political risk or war-risk coverage for tankers operating near Iran and suggested the U.S. Navy could escort vessels through the Strait of Hormuz if needed. DFC later announced a plan to deploy maritime reinsurance in the Gulf during the conflict.
Fuel prices in the United States also moved higher. AAA’s national average for regular gasoline rose to about $3.48 a gallon on March 9 from about $3.00 a week earlier.
