Oil prices surged past $100 per barrel on Sunday, the first time crossing that mark since Russia's 2022 invasion of Ukraine, as investors worried that the war in Iran would mean prolonged restrictions on Middle Eastern oil flows. https://t.co/oaBiieuMzl pic.twitter.com/MyDymuBu0y
— CNN (@CNN) March 8, 2026
The price of oil climbed above $100 per barrel on Sunday, reaching its highest level since Russia’s 2022 invasion of Ukraine, as the US-Israel war on Iran continues to disrupt global energy supplies.
President Donald Trump addressed the spike in a Truth Social post, characterizing rising fuel costs as a necessary trade-off for national security. “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 wrote, dismissing concerns over the economic impact of the price surge.