US President Donald Trump reacted to the sharp increase in oil prices following the conflict in the Middle East. On his Truth Social social media page, he assessed the situation as a "very small payment" for security and peace.
Trump writes that this short-term increase in oil prices will also soon decrease after Iran's nuclear threat is eliminated. In his opinion, the resulting price increase is not a big problem compared to the security of the USA and the whole world.
According to Reuters, with the opening of markets on Monday, March 9, Brent crude futures rose by almost 20% to $111.04 per barrel. At the same time, the price of WTI crude rose by 16.8% to $106.17. For comparison, before February 28th, the price of oil was around $70 per barrel.
According to the analysis, the main concern in the market is related to the possibility of a long-term blockade of the Strait of Hormuz. Because under normal conditions, about 20 percent of the world's oil volume is transported through this corridor. In addition, the main part of Qatar's liquefied natural gas also passes through this territory.
It is noted that this was one of the sharpest oil price increases observed since Russia's full-scale invasion of Ukraine in February 2022. Even then, the price of oil on the world market had risen significantly above $100.
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