The price of oil is over $100 a barrel because of the war against Iran
As a result, the price of petrol and diesel has increased considerably.
The price of intermediate Texas oil (WTI) has surpassed $100 per barrel this Sunday for the first time since 2022, one week after the US and Israel started the war against Iran, while President Donald Trump has insisted that it is a "low price" to pay.
As for the price of the global benchmark for Brent crude oil, it exceeded $105 last Sunday. Experts believe that the rise in price is due to the conflict surrounding the Strait of Hormuz, through which one-fifth of the oil distributed worldwide passes.
The specialized media TradingEconomics has stated that "as a result of the closure of the crucial Strait of Hormuz, major oil producers in the Middle East have decided to reduce production, which has led to the price of a Brent barrel exceeding $100."
The main consequence of all this is thatthe price of petrol and diesel is significantly higher.
Trump responded in TruthSocial a few minutes after the news of the price hike: "Oil prices will fall rapidly when the destruction of Iran's nuclear threat ends, and the to be paid isa very low price , for the United States and the world, for security and peace. "
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