For the first time since 2022, global oil prices have surpassed$ 100 per barrel on Sunday, fueled by the escalating conflict between the United States and Iran and growing concerns about global power supplies.

West Texas Intermediate ( WTI ) prices increased by almost$ 110 per barrel, while Brent Crude, the world's benchmark oil price, increased by over$ 105, according to energy market reports.

The Middle East, a crucial area for the global energy sector, is in need of more oil, following a year of military hostilities between the US and Iran, which have increased the risk of problems to crude oil supplies.

The position in the Strait of Hormuz, a strategic place where roughly one-fifth of the world's oil runs, is the main source of concern, according to experts.

According to some Middle Eastern producers cutting back on their production as a result of the closure or disruption of those roads, a report from the financial analysis firm Trading Economics revealed a rise in Brent crude's price by up to 15 % and exceeding$ 100.

Additionally, some analysts in the power sector have warned that a protracted stutter in the strait could result in a world supply crisis, more putting pressure on crude oil prices.

Donald Trump downplayed the rise in oil costs and claimed that the price increase is a transitory result of the conflict, despite the environment.

The leader stated in a message on Truth Social that" short-term petrol prices, which will fail quickly when Iran's nuclear danger is over, are a very small price to pay for America and the world's security and peace. Only fools may consider normally"!

Trump added that the price increase in gasoline was just a "minor problem" as a result of the issue.

However, since the start of the conflict, the regular price of gasoline has likewise increased. According to the American Automobile Association ( AAA ), fuel costs have increased by 16 % on average over the past week, or about 47 cents per gallon, to reach about$ 3. 45 per gallon. Oil prices could stay high or even exceed present levels as long as the conflict persists and there is a chance of Middle Eastern crude oil shortages.

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