‘Very small price to pay’: Trump says short-term oil spike acceptable amid push to neutralise Iran’s nuclear programme

WASHINGTON: Amid surging global oil prices triggered by escalating conflict in West Asia, United States President Donald Trump said the “short-term” spike is worth the cost if it eliminates Tehran’s nuclear threat.

In a post on Truth Social, Trump argued that oil prices would “drop rapidly” once Iran’s nuclear capabilities are destroyed, adding that “only fools would think differently.”

Calling it a small price to pay for American and world safety and peace, Trump wrote, “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!”

Trump’s remarks to assuage the fears come after oil prices surged past $100 per barrel on Sunday — first time crossing the mark since the Russia-Ukraine conflict began in 2022, as reported by CNN Business.

TRUMP: OIL MAY RISE, BUT IT’LL DROP VERY FAST

Trump says the Iran conflict is a short-term “excursion.”

“We figured oil prices would go up, which they will. They’ll also come down. They’ll come down very fast.” pic.twitter.com/3yP5JMnFAt

— Coin Bureau (@coinbureau) March 8, 2026

According to CNN Business, investors have expressed concern that the conflict with Iran would lead to prolonged restrictions on the flow of oil around the globe. It added that the oil and gasoline prices have skyrocketed as the conflict with Iran drew in other countries of West Asia and the Gulf, including attacks on refineries in the region.

It further reported that US oil futures rose 18 per cent to about $108 a barrel — their highest level since July 19, 2022, while Brent futures, the global benchmark, increased to 16 per cent thus nearing $108 a barrel.

As per the report by CNN Business, the surging oil prices have weighed heavily on stocks in recent days, with traders fearing that a prolonged spike in fuel prices could lead to another spike in inflation and hurt the economy. It further mentioned that Dow futures dropped more than 800 points, or 1.7 per cent. S&P 500 and Nasdaq futures fell 1.6 per cent.

In the wake of the US military strikes on Iran, the average price of gasoline in America touched $3.45 a gallon on Sunday, up 16 per cent from the week prior, according to AAA as per CNN Business. It highlighted that a prolonged spike in oil and gas prices could aggravate affordability in the United States, thereby putting Trump and his party in a precarious political position ahead of the midterm elections this year. (ANI)