Crude oil prices surged above $100 per barrel on Sunday, after major Middle East producers cut output because the critical Strait of Hormuz remains closed due to the Iran war.
West Texas Intermediate jumped 17%, or $15.32, to $106.22 per barrel. Global benchmark Brent advanced 15%, or $14.28, to $106.92. U.S. crude oil surged about 35% last week in its biggest gain in futures trading history dating back to 1983. The last time oil prices topped $100 per barrel was after Russia invaded Ukraine in 2022.
Shortly after oil blasted past $100 at the open of trading Sunday evening, Donald Trump posted on Truth Social that a gain in “short term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat.
Oh man I long for the days where we were worried about the carbon tax…
It’s a small comfort, knowing if this war doesn’t spiral and kill us all, or if AI doesn’t kill us all, or if disease doesn’t kill us all, or MAGA doesn’t kill us all… there will still be catastrophic climate change waiting to… kill us all.
Just wait until somewheres around July. I predict we see the lowest arctic ice extent on record, followed immediately by El Nino and panic around wintertime when we realize the ice free summers are now upon us in the arctic.
Literally what Putin and Trump are looking forward to, opening up those northeast and northwest passages.