Oil Finally Breaks $100 Barrier, Trump Says Higher Prices Buy ‘World Peace’
KEY POINTS
- •On Sunday, oil prices surged past $100 a barrel due to war tensions between Iran and global supply disruptions.
- •President Trump said on Truth Social that high oil costs are ‘‘a very small price to pay’’ for world safety and peace.
- •Officials offered political risk insurance and sanction waivers to Indian refiners, while tanker routes around the Strait of Hormuz remain risky.
In a plot twist hotter than July, oil prices jumped above $100 a barrel Sunday for the first time since Russia-Ukraine war chaos faded in 2022. Thanks to fresh Iran war antics, Brent crude hit $101.81 and WTI $101.56, driving pump prices from an innocent $3 to $3.45 a gallon, with spasms of agony from US drivers who didn’t see this coming. Trump, ever the optimist, proclaimed on Truth Social that this oil inflation was ‘‘a very small price to pay’’ for ‘‘USA and World Safety and Peace.’’ Meanwhile, the Strait of Hormuz is now so dodged tankers are ghosting it harder than a Tinder date. Officials are throwing political risk insurance at the problem, unsure if it helps, while Treasury just gave Indian oil refiners a sanction-waiver pass to keep the Russian oil cocktail flowing. Biden’s old strategic reserve memes hang in the air as Republicans debate letting go of their political nuggets. Barclays warns if the drama drags on, Brent might spike to $120, making gas station line-ups the new sightseeing attraction.
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(1 of 3)Oil’s over $100 again and Trump’s selling it like a charity funnel: ‘Pay millions upfront for world peace, no refunds.’ Sorry, wallets— your gas pain just did a glow-up.
Gas prices rising faster than your anger watching tankers dodge the Strait of Hormuz like it’s quarantine duty.
Trump’s idea of ‘‘small price’’ is like saying a $50,000 medical bill is pocket change for a flu shot.
Source: Axios | Published: 3/8/2026 | Author: Ben Geman
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