US Edition
Trump Says Rising Oil Prices 'a Very Small Price to Pay' for 'Safety and Peace'
Oil prices rose over 15% amid Middle East tensions and Strait of Hormuz closure, with U.S. gas prices up 14% in one week, President Trump called it a small price for safety.
- Writing 'a very small price to pay', Trump defended the US strike on Iran on social media Sunday, calling critics 'fools'.
- Iran closed the Strait of Hormuz after the US attack last week, stopping passage through a route that carries 20 percent of global crude and gas, while Gulf oil and gas producers cut output amid the largest oil disruption ever, Bob McNally said on Sunday.
- Rising crude prices caused US motorists' pump costs to rise as West Texas Intermediate and Brent jumped over 15 percent Sunday evening, pushing oil above $100 a barrel.
- Rising fuel costs have become a politically sensitive issue ahead of the midterms as the US International Development Finance Corporation created a $20 billion reinsurance mechanism to cover Strait travel risks.
- Officials said shipping should return 'relatively soon' and early tankers may require US military protection, with disruptions expected to be short-lived, according to Trump's energy chief Chris Wright.
81 Articles
81 Articles
The domestic stock market's rally was suddenly halted by the unexpected threat of the Iran crisis. The war in the Middle East immediately drove up international crude oil prices, sending inflation fears into the global financial markets. Until last week, the prevailing sentiment was a cautious "let's wait and see" approach, but the mood has shifted. Prolonged market expectations and concerns about inflation have grown. Inflation and government b…
President Trump Says High Oil Prices ‘Small Price To Pay’ For ‘Destruction Of The Iran Nuclear Threat’
By Robert Romano As the Iran War entered its second week of major combat operations, crude oil prices continued their massive spike, briefly surging above $119 a barrel — currently at $92 a barrel as of this writing — as more than a hundred oil and natural gas tankers remain stranded in the Persian Gulf, still unwilling to cross the Strait of Hormuz into the Gulf of Oman. But, President Donald Trump promises, the price spikes will be temporary a…
'Poison for the party in power': Trump chaos toxic to GOP ahead of 2024 midterms
Donald Trump's war on Iran has led to skyrocketing gas prices across the U.S., and according to one reporter, it is creating a "poison for the party in power" ahead of the 2026 midterms.In the wake of joint military strikes by the U.S. and Israel, Iran ordered the closure of the Strait of Hormuz, a key waterway through which most of the Gulf States' petroleum is shipped to the rest of the world. According to new reports, with 20 percent of the w…
Donald Trump Labels Critics 'Fools' as Oil Prices Surge Past $100 Amid Iran War, Middle East Energy Production Plummets
Donald Trump said on Sunday that oil prices would 'drop rapidly' once what he called the destruction of Iran's nuclear threat was complete, after crude rose past $100 a barrel as war in the Middle East disrupted supply routes and energy output across the Gulf. In a Truth Social post reported by Mediaite, Donald Trump described the short-term price spike as 'a very small price to pay' for safety and peace, adding, 'ONLY FOOLS WOULD THINK DIFFEREN…
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