Oil soars past $100 a barrel amid Iran war | Oil and Gas

DEVELOPING STORYDEVELOPING STORY,

Crude oil prices rise as much 20 percent as sprawling regional conflict threatens global energy supplies.

Oil prices have surged past $100 a barrel for the first time since Russia’s invasion of Ukraine amid the widening fallout of the US-Israeli war on Iran.

Brent crude, the global benchmark, rose as much as 20 percent on Sunday, topping $111 a barrel, as fears grew of prolonged disruption to global energy supplies.

US President Donald Trump, who campaigned heavily on cost-of-living concerns in the 2024 election, brushed off the surge.

“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,” Trump said in a post on Truth Social.

“ONLY FOOLS WOULD THINK DIFFERENTLY!”

Crude oil prices have surged about 50 percent since the US and Israeli launched joint strikes on Iran on February 28.

Iranian threats and attacks in response have brought an effective halt to shipping in the Strait of Hormuz, a conduit for about one-fifth of the global oil supply.

Iraq, the United Arab Emirates and Kuwait, three of the biggest OPEC producers, have been forced to cut production amid dwindling crude storage capacity due to the collapse of shipping through the waterway.

Iran and Israel have also launched strikes on key energy facilities amid the sprawling regional conflict.

Stock futures, which are traded outside of regular market hours, fell sharply on Sunday as investors braced for the fallout of rising energy prices.

Futures tied to Wall Street’s benchmark S&P 500 were down 1.7 percent, while those for the tech-heavy Nasdaq Composite fell 1.90 percent.

In Asia, futures for Japan’s Nikkei 225 fell as much as 7 percent ahead of market opening.