On Friday, a barrel of Brent oil cost just over $90. Before the war broke out, the price was just over $70. The same price trend is visible for U.S. WTI crude oil.
Around 2:45 a.m., both Brent and WTI were trading at about $112 a barrel.
"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 wrote on his Truth Social platform.
Iran has all but closed the Strait of Hormuz, where large volumes of oil are normally transported.
