The fact that oil prices are soaring due to the war with Iran is not necessarily wrong. That’s what U.S. President Donald Trump writes on his site Truth Social.

“The United States is by far the world’s largest oil producer, so when oil prices go up, we make a lot of money,” he writes in his post, which continues:

“BUT what is of far greater interest and importance to me, as president, is to stop an evil empire, Iran, from acquiring nuclear weapons and destroying the Middle East and actually the world. I will never let that happen!”

Rising Fuel Prices

The price of oil has risen by around 40 percent since Israel and the U.S. started their war against Iran nearly two weeks ago. The price for a barrel of Brent crude was just over 70 dollars at the end of February, and has now risen to around 100 dollars.

The rising oil prices are leading to higher energy and fuel prices worldwide.

The countries in the Middle East account for just under a third of the world’s oil production. The war affects both the production of oil as well as the ability to export it from the region.

Among other things, Iran has attacked ships in the strategically important Strait of Hormuz, which has severely impacted the export opportunities of several oil-producing countries.

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