Trump called the rise in oil prices a small payment
US President Donald Trump expressed his reaction to the sharp rise in oil prices due to the conflict in the Middle East. This was reported by Zamin.uz.
On his social media page, he called this situation a “very small payment” for security and peace. According to Trump, once Iran's nuclear threat is eliminated, this short-term rise in oil prices will soon decrease.
He explained that this increase is not such a big problem compared to the security of the US and the whole world. According to Reuters agency, on Monday, March 9, with the market opening, Brent crude oil prices rose by about 20 percent, reaching $111.04 per barrel.
At the same time, WTI crude oil prices also increased by 16.8 percent, reaching $106.17. For comparison, before February 28, oil prices were around $70 per barrel.
According to analyses, the main concern is related to the possibility of the Strait of Hormuz being closed for a long time. Because about 20 percent of the world's oil passes through this route.
In addition, Qatar's liquefied natural gas is also mainly transported through this region. Also, this price increase is considered one of the sharpest oil price rises observed since Russia's invasion of Ukraine in February 2022.
At that time, oil prices on the world market also rose above $100 per barrel.
