Oil prices surge past $100 amid Iran conflict

Washington: Crude oil prices rocketed beyond $100 a barrel as the Iran conflict choked the Strait of Hormuz, slashing energy flows and sparking global market turmoil.

President Donald Trump defended the spike as a necessary short-term pain. "Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace," he posted on Truth Social. "ONLY FOOLS WOULD THINK DIFFERENTLY! "

West Texas Intermediate crude leaped 20.75% or $18.83 to $109.75 per barrel, while Brent climbed over 18% to $109.48—one of the largest weekly gains since the 1980s. Middle East producers slashed output as Hormuz tanker traffic plummeted amid threats and attacks, forcing well shutdowns and filling storage tanks.

Asian markets cratered at open: Japan's benchmark plunged 5%, South Korea's over 7%, hammered by heavy oil import reliance. Gulf trade routes buckled under missile and drone strikes, slowing Asia-Europe-Middle East corridors.

Analysts predict $143 per barrel by year-end if disruptions persist. Energy expert Daniel Yergin warned of potentially history's largest daily oil production hit. While US domestic output offers some buffer, rising fuel costs threaten consumers via transport and food inflation—echoing the 1973 embargo and 1979 revolution crises. Europe and Asia face steeper economic blows.

(Inputs from IANS)