Oil prices surged past $110 a barrel on Sunday evening, topping $100 for the first time in nearly four years, as the war in the Middle East entered its ninth day with no end in sight and the Strait of Hormuz remained effectively closed to tanker traffic.
Brent crude, the international benchmark, briefly topped $110 soon after markets opened Sunday evening, while West Texas Intermediate rose to $109.05. Both benchmarks were trading around $60 a barrel in early January.
President Trump on Sunday night sought to reassure Americans that oil prices would come down in short order.
“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 said on Truth Social.