- Oil prices exceeded $100 a barrel for the first time in over three-and-a-half years on Sunday, following joint military strikes on Iran by the US and Israel.
- President Trump stated that higher oil prices are a “small price to pay” for global safety and peace, anticipating a rapid drop once the Iran nuclear threat is resolved.
- U.S. Energy Secretary Chris Wright acknowledged that Americans might experience pain at the petrol pump for 'weeks' but assured it would not last for months, despite current prices being higher than desired.
- Experts predict further increases, with GasBuddy estimating an 80 per cent chance of national average petrol prices reaching 4 within the next month, and Goldman Sachs forecasting oil could hit 150 per barrel.
- The surge is attributed to the Iran war hindering production and shipping in the Middle East, particularly impacting tanker traffic through the critical Strait of Hormuz.
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