Trump defends Iran war decision as oil tops $100

By Goli Innocent

Global oil markets surged past the $100 per barrel mark on Sunday for the first time in nearly four years, as escalating hostilities in the Middle East triggered fears of prolonged supply disruptions across global energy markets.

Both major crude benchmarks West Texas Intermediate (WTI) and Brent crude climbed by more than 15 per cent as trading opened, reaching levels last recorded during the early months of the 2022 Russian invasion of Ukraine.

The sharp rally followed intensifying tensions involving Iran, raising fresh concerns about stability in the world’s most critical oil-producing region.

Despite the spike in global energy prices, Donald Trump, President of the United States, defended the military action against Iran, describing the economic impact as necessary to eliminate what he called Tehran’s nuclear threat.

In a message posted on social media, Trump argued that the temporary surge in oil prices was a small cost compared to the long-term security benefits.

“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,” he said, insisting that the market reaction would be short-lived.

Much of the market anxiety stems from the near halt of maritime traffic through the Strait of Hormuz, a strategic shipping corridor responsible for transporting roughly 20 per cent of the world’s crude oil and natural gas supply.

Energy analysts warn that prolonged disruptions in the waterway could significantly tighten global supply chains. Oil producers across the Gulf region have already begun scaling back production, while airstrikes targeting fuel facilities in Tehran have heightened fears of retaliatory attacks on energy infrastructure in neighbouring countries.

Officials in Washington, however, maintain that the disruption will likely be temporary. US Energy Secretary Chris Wright said the global market remains well supplied and predicted that shipping activities through the Strait of Hormuz could resume soon with military protection for commercial vessels.

Iran currently accounts for about four per cent of global oil production, according to data from the U.S. Energy Information Administration, though international sanctions have limited its export volumes in recent years.