image sourced from original article at Oil prices surged more than 20 percent at the start of trading, pushing the United States benchmark above 100 dollars per barrel for the first time since early 2022. West Texas Intermediate rose to 109.17 dollars a barrel, while the international Brent benchmark climbed to 110.35 dollars, as investors reacted to heightened tensions surrounding Iran.
The spike followed Iran's appointment of the son of slain leader Ali Khamenei as his successor, raising fears of further instability in the region. Markets braced for continued volatility amid concerns over potential disruptions to global energy supplies.
President Donald Trump dismissed the sharp rise in prices, calling it a 'small price to pay' for eliminating the threat posed by Iran's nuclear program. He argued that oil prices would fall quickly once the threat was resolved and maintained that only 'fools' would disagree with the trade-off for safety and peace.
