Oil Prices Surge Above $100 Amid West Asia Conflict; Trump Calls Spike Temporary

Global oil prices surged past $100 per barrel for the first time since 2022 amid escalating conflict in West Asia involving the US, Iran, and Israel. The closure of the Strait of Hormuz and attacks on regional refineries have disrupted supply, raising concerns about prolonged energy shortages and inflation. US President Donald Trump defended the spike as a "small price to pay" for neutralizing Iran's nuclear threat, asserting prices will fall rapidly once the threat is eliminated. Market volatility and economic uncertainties persist amid ongoing military tensions.