Oil prices have pulled back slightly after surging past $110 per barrel, and G7 nations are now considering tapping their emergency oil reserves. The market chaos comes as the war in the Middle East continues. President Trump has told Americans that the spike in oil prices is a “very small price to pay” for dealing with Iran’s nuclear threat. He also believes “only fools” would disagree to this assessment.
Earlier, oil prices jumped over 25%, hitting levels not seen since mid-2022 when Russia’s war in Ukraine shook global markets. West Texas Intermediate, the U.S. crude benchmark, saw its biggest gain in futures trading history last week, surging about 35% in a way not seen since 1983. Prices have since pulled back to around $105 per barrel, with global benchmark Brent trading near $108.8.
