Trump Dismisses Oil Spike Fears and Calls Critics 'Fools' as Other Countries Scramble for Oil Reserves

President Donald Trump has sparked backlash after branding concerns over skyrocketing energy costs as 'foolish', even as global markets reel from the most violent oil price swing since 2022.

Following a series of US and Israeli airstrikes on Iranian infrastructure, Brent crude surged by 25% on 9 March 2026, briefly touching $119.50 a barrel. While the G7 and the International Energy Agency (IEA) convened an emergency session to coordinate a massive release of strategic petroleum reserves, the President took to Truth Social to downplay the volatility.

Trump maintained that the current price shock is a 'very small price to pay' for the permanent destruction of the Iranian nuclear threat, predicting that costs will 'drop rapidly' once military objectives are secured.

'Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, are a very small price to pay for USA, and World, Safety and Peace,' Trump wrote on his Truth Social account.

'Only fools would think differently,' he concluded.

Trump Downplays Global 'Oil Crisis'

The G7 nations held an emergency session on Monday to address soaring oil prices. The oil price went above $100 a barrel, and at one point it rose to nearly $120. Stock markets worldwide responded to the collapse.

Britain's FTSE 100 dropped 1.3%. Finance ministers, such as the UK Chancellor, Rachel Reeves, discussed how the economy should respond. The release of petroleum reserves is being discussed by officials, and the move is synchronised by the International Energy Agency (IEA). This would mark the first one since 2022, when the entire world's energy resources were stretched by the invasion of Ukraine by Russia.

The threat of the long-term derailment is big. The Strait of Hormuz is a narrow waterway in the Persian Gulf that carries almost a fifth of the world's oil. Traffic across this crucial route has ground to a near-zero since tensions have been rising over the last week.

Traders fear that continued closures will drive prices further, affecting consumers and businesses across the board. Higher inflation would cause central banks to delay interest rate cuts, reducing global economic growth.

Political Crisis and Growing Tension in Iran

Iranian politics is also changing. On the weekend, Iran declared Mojtaba Khamenei, Ali Khamenei's successor, as Supreme Leader. The action indicates that the hardliners remain in power despite increasing pressure on the international front.

Meanwhile, Iran's military activities intensified after the airstrikes, which were carried out by the US and Israel on Iranian oil and military facilities. Iran reacted by striking energy infrastructure in neighbouring Gulf States. Saudi Arabia intercepted two waves of drones that were heading to a large oilfield and destroyed them.

Market Reaction

Markets were initially calm. But with the increase in violence, anxiety ensued. The Iranian and Gulf destruction scenes sent shockwaves through financial markets over the weekend.

In Asia, on Monday morning, Brent crude rose more than 25% to a high of about $119.50 a barrel before plummeting to approximately $107. Other swings were witnessed in the US West Texas Intermediate (WTI) that stood at approximately $104.

Analyst: Situation is Unstable

Paul Gooden, the Natural Resources Manager at NinetyOne Asset Management, told the BBC that the duration of the conflict matters. The tensions continue, and the oil markets are becoming nervous. Prices may rise to $120-$150 a barrel, and at this point, consumers will start reducing their consumption; that is, demand will be destroyed.

Gooden is hopeful that this spectrum will not be long-term and that this turbulence will be sorted out, but it is a sharp reminder that the world's energy supply can really be shaken by war.

The unrest does not just start and end with oil.

On Monday morning, UK gas prices shot up by nearly 25%, to 171p per therm, then fell to about 156p. The conflict has doubled gas prices since the war broke out, though still way below the 640p highest price recorded in 2022 following the Russian invasion of Ukraine. Inflation is fuelled by rising energy costs, which strain already strained households.

For now, markets remain highly sensitive to developments in the Middle East as governments weigh their next moves and traders watch for any disruption to global oil supplies.