WASHINGTON – Global oil prices surged past $100 per barrel on Sunday as the conflict with Iran, which began on February 28, continues to paralyze the Strait of Hormuz. Despite the 15% price spike, President Donald Trump dismissed the economic impact as a "small price to pay" to eliminate Iran’s nuclear threat.

Key Market Impacts

• Supply Blockade: Traffic through the Strait of Hormuz—handling 20% of global crude—has nearly halted.
• Price Surge: Both Brent and WTI reached levels not seen since 2022.
• U.S. Response: Energy Secretary Chris Wright predicted the disruption would last "weeks, not months," adding that the U.S. military may soon provide direct protection for tankers in the Gulf.

Strategic Shifts

To stabilize markets ahead of the November midterms, the U.S. is considering easing sanctions on Russian oil and has already authorized India to increase its purchases from Moscow. Additionally, a $20 billion insurance fund has been launched to cover maritime risks in the conflict zone.