Oil prices soar past $100 a barrel as war escalates in Iran
By Auzinea Bacon, CNN
(CNN) — The price of oil surged past $100 per barrel on Sunday, the first time it crossed that mark since Russia’s 2022 invasion of Ukraine, as investors worried that the war in Iran would mean prolonged restrictions on Middle Eastern oil flows.
US crude futures rose 14.7%. Brent futures, the global benchmark, increased 12.63% to $104 per barrel as of 6:06 p.m. ET.
Dow futures, meanwhile, dropped 851.6 points, or 2%. S&P 500 and Nasdaq futures fell 1.73% and 1.65%, respectively, as concerns persisted that shocks to the energy market will stoke inflation in the US.
Triggered by the shock of the initial February 28 strikes in Iran, the average price of gasoline in America reached $3.45 a gallon on Sunday, up 16% from the week prior, according to AAA.
The Trump administration on Sunday tried to assuage fears that the US and Israeli-led military campaign against Iran would have long-term effects at the pump.
President Donald Trump told ABC News that the spike in gas prices is “a little glitch.” He called the rapid climb in prices as an expected “detour.”
On CNN’s “State of the Union,” Energy Secretary Chris Wright said the US does not plan to strike Iran’s oil industry or other energy infrastructure sites.
A senior Iranian official warned Sunday that the conflict has entered a “new phase” following Israel’s strikes. The official signaled Iran may retaliate on the region’s energy infrastructure in the coming days.
“Iran will not give up control of the Strait of Hormuz until it achieves its desired results,” the official said.
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CNN’s Kate Trafecante, Fred Pleitgen, Kit Maher and Maureen Chowdhury contributed to this report.
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