Oil Surges Past $100 As Middle East War Disrupts Global Supply

By: John Carney | Breitbart

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.

The surge follows a record weekly gain last week — Brent climbed 30 percent, its biggest weekly jump in six years — as the conflict that began with U.S. and Israeli strikes on Iran on February 28 has choked off a waterway that normally handles about one-fifth of the world’s oil supply.

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