Trump Calls Critics ‘Fools’ as Oil Prices Surge Post-Airstrikes

President Donald Trump dismissed concerns over rising energy costs as “foolish” while global oil prices experienced dramatic fluctuations in the wake of escalating tensions in the Middle East. Following recent airstrikes conducted by the United States and Israel on Iranian infrastructure, Brent crude oil prices surged by 25% on March 9, 2026, briefly reaching $119.50 per barrel.

The situation prompted the G7 nations and the International Energy Agency (IEA) to convene an emergency session to discuss a coordinated release of strategic petroleum reserves. Trump, however, took to Truth Social to downplay the market’s volatility, asserting that the current price increase is a “very small price to pay” for eliminating the Iranian nuclear threat. He predicted that costs would “drop rapidly” once military objectives are met, stating, “Only fools would think differently.”

As oil prices exceeded $100 per barrel, stock markets reacted negatively. The UK’s FTSE 100 index fell by 1.3%, while finance ministers, including UK Chancellor Rachel Reeves, deliberated on potential economic responses. The proposed release of petroleum reserves would be the first since 2022, when global energy resources were already strained due to the Russian invasion of Ukraine.

Tensions in the region have heightened significantly, particularly around the Strait of Hormuz, a crucial waterway through which nearly one-fifth of the world’s oil passes. With military operations escalating, traffic across this vital route has nearly halted, raising fears among traders that continued disruptions could drive prices even higher, impacting consumers and businesses worldwide. The prospect of prolonged inflation could lead central banks to delay interest rate cuts, thereby curbing global economic growth.

Adding to the complexity, Iran recently appointed Mojtaba Khamenei as the new Supreme Leader, a move that signals the hardliners’ resilience despite growing international pressure. In response to the airstrikes, Iranian military activities intensified, including attacks on energy infrastructure in neighboring Gulf states. Notably, Saudi Arabia intercepted multiple drone strikes aimed at a significant oil field, effectively neutralizing the threats.

The initial calm in the markets deteriorated as violence escalated. By Monday morning, Brent crude oil prices had climbed over 25% to about $119.50 before retreating to around $107. Meanwhile, the US West Texas Intermediate (WTI) crude was approximately $104.

Paul Gooden, the Natural Resources Manager at NinetyOne Asset Management, highlighted the importance of the conflict’s duration, indicating that continued tensions could drive prices between $120 and $150 per barrel. At these levels, consumer demand is likely to diminish, leading to a significant impact on the market. While Gooden expressed hope that the situation would stabilize soon, he noted the stark reminder that war can severely disrupt global energy supplies.

The unrest surrounding oil is not isolated; UK gas prices also surged by nearly 25% to 171 pence per therm before settling around 156 pence. Since the outbreak of the conflict, gas prices have doubled, although they remain significantly lower than the peak of 640 pence recorded in 2022. The inflationary pressures from rising energy costs are straining households already facing financial challenges.

As developments continue in the Middle East, markets remain highly sensitive to changes, with governments evaluating their next steps and traders closely monitoring potential disruptions to global oil supplies.