US President Donald Trump stated on Truth Social on 8/3 that rising oil prices are "a small price to pay for the safety and peace of America and the world." He asserted that "oil prices will quickly drop once the nuclear threat from Iran is completely eliminated," adding, "Only a fool would think otherwise."
Brent crude oil prices increased by 15,5% to 107,07 USD per barrel, and US WTI crude oil prices rose by 16,8% to 106,17 USD per barrel. These figures represent the highest oil prices observed since the Ukraine conflict began in early 2022.
On the same day, Iran's military warned it would target Middle Eastern oil facilities if Israel continued attacks on its energy infrastructure.
Ebrahim Zolfaghari, spokesperson for Iran's Central Command, stated, "We hope that the governments of Islamic nations will warn the US and Israel about such cowardly, inhumane actions as soon as possible." He threatened, "Otherwise, similar measures will be taken in the region. If you can withstand oil prices over 200 USD per barrel, then continue the game."
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Residents queue for gasoline at a gas station in Dhaka, Bangladesh on 8/3. Photo: Reuters |
The US and Israel launched a military operation against Iran on 28/2. Following this, Tehran warned cargo ships not to use the Strait of Hormuz, a narrow maritime route transporting about 20% of global oil supply from the Persian Gulf to the Indian Ocean.
Iran's Parliament Speaker Mohammad Baqer Qalibaf declared on 8/3 that Tehran does not seek a ceasefire with the US and Israel. He emphasized that "aggressors" must face punishment and warned, "If the enemy attacks us from any country, Tehran will respond decisively."
The conflict could lead to higher fuel prices for consumers and businesses globally for weeks or months. This impact may persist even if hostilities end quickly, due to damaged infrastructure, disrupted supply chains, and increased shipping risks.
Saudi Arabia, the world's leading oil exporter, is increasing oil shipments from the Red Sea. However, this volume is insufficient to offset the decline caused by the crisis in the Strait of Hormuz.
By Huyen Le (AFP, Hill, Reuters)
