economy
March 9, 2026
Oil prices near $120 a barrel as Trump calls it ‘small price to pay’ for ‘peace’
Oil prices soared on Monday amid the conflict between the United States and Israel, and Iran. The price of Brent Crude, the world’s benchmark for crude oil, reportedly climbed to $120 a barrel for a period on Monday before later dropping to around $110. Oil prices are now “50% more expensive” than before the conflict began.
TL;DR
- Oil prices climbed significantly, with Brent Crude reaching $120 a barrel amid geopolitical conflict.
- Prices are now 50% higher than before the conflict began, reaching levels not seen since 2022.
- President Trump described the oil price increase as a 'small price to pay' for global peace.
- U.S. Energy Secretary Chris Wright anticipates a return to pre-war oil price levels in the near future, possibly within weeks.
- Wright emphasized the unacceptability of Iran potentially acquiring nuclear weapons and highlighted efforts to prevent this.
- Wright stated that gasoline prices are currently $1.50 cheaper per gallon than during the Biden administration and expressed a goal to return prices below $3 per gallon.
Continue reading the original article