Oil prices soar past $100 a barrel as war escalates in Iran | CNN Business

The price of oil kept climbing Monday, having surged past $100 per barrel Sunday, the first time it crossed that mark since Russia’s 2022 invasion of Ukraine. Brent crude, the global oil benchmark, neared $120 a barrel in early trade before paring some of those gains to trade at around $104, a 12% gain on the day. WTI, the US benchmark, soared more than 11% Monday to $101. US crude briefly hit $110 a barrel Sunday evening. President Donald Trump, in a social media post, called surging oil costs a “very small price to pay.” “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. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump posted Sunday on Truth Social. But investors are growing increasingly worried about a protracted war that delivers a sustained hit to energy supply and prices, particularly following Iran’s decision to appoint Mojtaba Khamenei as its next supreme leader. Khamenei is the the son of former leader, Ali Khamenei, who was killed in the first wave of US and Israeli strikes. “It’s a sign of continuation of Iran’s hardline approach and ind