Oil prices soar to $100 per barrel

This is the first time since Russia's full-scale invasion of Ukraine in 2022, CNN reports.

Oil futures and gasoline prices have skyrocketed as traders fear that war in Iran will lead to prolonged restrictions on oil supplies worldwide. As a result, US oil futures rose 14.7%.

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Futures for Brent, which is considered the global benchmark for oil prices, rose 12.63% to $104 per barrel.

Along with the rise in oil prices, pressure on stock markets intensified. US indices opened sharply lower due to fears of a new wave of inflation. Dow Jones futures fell more than 850 points, while the tech-heavy S&P 500 and Nasdaq lost about 1.7%.

This situation on the oil market has already affected fuel prices. In particular, after the first strikes on Iran on February 28, the average price of gasoline in the US reached $3.45 per gallon on Sunday.

President Donald Trump called the rise in oil prices “a very small price to pay.”

“Short-term oil prices, which will quickly fall once the nuclear threat from Iran is eliminated, are a very small price to pay for security and peace in the US and the world. Only fools would think otherwise,” he wrote.

Photo: Twitter.