On Friday, a barrel of Brent crude cost just over $90. Before the war broke out, the price was just over $70. The same trend is evident for U.S. WTI crude.
At around 6:00 a.m., both Brent and WTI were trading at just over $115 a barrel, a 25 percent increase. According to CNBC, the increase is one of the largest for a single day in nearly 40 years.
The increases come, among other factors, after Iran almost closed the Strait of Hormuz, where large amounts of oil are normally shipped.
U.S. President Donald Trump describes the price rally as "a small price to pay" to eliminate threats from Iran.
"Short-term oil prices, which will fall rapidly once the destruction of the Iranian nuclear threat is over, are a very small price to pay for the security and peace of the United States and the world. Only fools would think otherwise," Trump writes on his Truth Social platform.
