this post was submitted on 08 Mar 2026
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politics

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Crude oil prices surged above $100 per barrel on Sunday, after major Middle East producers cut output because the critical Strait of Hormuz remains closed due to the Iran war.

West Texas Intermediate jumped 17%, or $15.32, to $106.22 per barrel. Global benchmark Brent advanced 15%, or $14.28, to $106.92. U.S. crude oil surged about 35% last week in its biggest gain in futures trading history dating back to 1983. The last time oil prices topped $100 per barrel was after Russia invaded Ukraine in 2022.

Shortly after oil blasted past $100 at the open of trading Sunday evening, Donald Trump posted on Truth Social that a gain in “short term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat.

top 38 comments
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[–] CharlesDarwin@lemmy.world 2 points 20 hours ago

Someone needs to make a "how it started, how it's going" for this.

But Donvict started with an economy that was the envy of the world, bitched and whined and howled with brazen lies about it, claiming, with no evidence, it was the "worst EVAR". Now it's a year+, and he's saying making the economy worse is worth it.

[–] giantripdrop@piefed.social 40 points 1 day ago
[–] quick_snail@feddit.nl 5 points 1 day ago

Can we please increase the cost of oil without committing atrocities?

How about adding a 5% carbon tax every year. Use that funding for busses and trains.

[–] electric_nan@lemmy.ml 2 points 1 day ago

Iran ain't never did shit to me.

[–] brachiosaurus@mander.xyz 9 points 1 day ago

He's not the one paying

[–] DMCMNFIBFFF@lemmy.world 43 points 2 days ago (2 children)

So it's kind of like a carbon tax, but only higher.

[–] HumanOnEarth@lemmy.ca 19 points 1 day ago (2 children)

Oh man I long for the days where we were worried about the carbon tax......

It's a small comfort, knowing if this war doesn't spiral and kill us all, or if AI doesn't kill us all, or if disease doesn't kill us all, or MAGA doesn't kill us all..... there will still be catastrophic climate change waiting to.... kill us all.

Just wait until somewheres around July. I predict we see the lowest arctic ice extent on record, followed immediately by El Nino and panic around wintertime when we realize the ice free summers are now upon us in the arctic.

[–] quick_snail@feddit.nl 2 points 1 day ago (1 children)

Isnt El Niño every 4 years? We just had it.

[–] HumanOnEarth@lemmy.ca 1 points 1 day ago

No, it's pretty cyclical but not always predictable. The last one was 2023-24 so maybe not as recent as you thought?

[–] grue@lemmy.world 8 points 1 day ago

panic around wintertime when we realize the ice free summers are now upon us in the arctic.

Literally what Putin and Trump are looking forward to, opening up those northeast and northwest passages.

a carbon tax where oil magnates get rich

[–] Frozengyro@lemmy.world 33 points 1 day ago (1 children)

Can't wait to see stickers of trump and "I did that" on the gas pumps...

[–] GuyFawkes@sh.itjust.works 13 points 1 day ago (1 children)
[–] adespoton@lemmy.ca 5 points 1 day ago

That’s what HE said!

[–] RememberTheApollo_@lemmy.world 23 points 1 day ago (1 children)

Small price to pay… besides the US bases being targeted by missiles, the billions in defense hardware being used, refineries in neighboring countries being targeted and hit, the economy under further seige, and we haven’t yet been hit by the price increases due to transportation costs of goods.

Yeah. He left all of that out.

[–] Akasazh@lemmy.world 8 points 1 day ago (1 children)

Also it was a small price to pay for defeating Iran , something that hasn't been achieved yet.

[–] Buffalox@lemmy.world 6 points 1 day ago* (last edited 1 day ago)

There is no way USA will defeat Iran in any meaningful sense.
If USA put boots on the ground, it will be many times worse than Afghanistan.

First: There are even more hiding places in the mountains of Iran than in Afghanistan, and the population is twice as big. And the area 2½ times bigger.

Second: Iran is way better organized, and has several big well trained organizations that can be made ready for guerrilla war almost instantly.

Third: I very seriously doubt any traditional allies to USA will be willing to support such an action. so USA will be on their own. If Israel goes in too, it will probably only make it worse.

Fourth, there is no organized support for the invaders as USA and the allies had in Afghanistan where it was supported by the reigning government.

It's very doubtful the war can be won from the sky, it's simply never been done! So the outlook for USA winning this war is bleak to put it mildly.

[–] piconaut@lemmy.ca 29 points 1 day ago (3 children)

Does expensive oil help Russia? I presume that it would. Probably doesn't hurt the Muskrat either.

[–] Nomecks@lemmy.ca 30 points 1 day ago

It already is. The US gave India an exception to buy Russian oil.

[–] Buffalox@lemmy.world 4 points 1 day ago* (last edited 1 day ago)

It absolutely does help Russia, I already made that point the first day of the war.
Putin sacrificed Iran to help the Russian economy.

[–] HeyThisIsntTheYMCA@lemmy.world 6 points 1 day ago* (last edited 1 day ago)

very very much so. that and potash is about all they have it feels like some days.

[–] cyberpunk007@lemmy.ca 15 points 1 day ago* (last edited 1 day ago)

Small price to pay for covering up your involvement in the Epstein files you pedophile

[–] mrmaplebar@fedia.io 10 points 1 day ago

Anyone got any "I did that!!" stickers with Trump's dumb face on them?

[–] 800XL@lemmy.world 10 points 1 day ago

It's so easy for the child fucker to say that when I pay for his fuel usage.

[–] SeeMarkFly@lemmy.ml 18 points 1 day ago

Funny, Iran never bothered me before but NOW it's really bothering me.

Trump did THAT.

What that man says and what that man does is two different things.

i mean yeah it sucks for us but chevron's doing great. can't you see the big picture

[–] adespoton@lemmy.ca 12 points 1 day ago (1 children)

Small price to pay for distracting people from the Epstein files.

[–] Buffalox@lemmy.world 3 points 1 day ago* (last edited 1 day ago)

Doesn't even matter if it's big or small, when he is making others pay. The price is small to him, and that's all that matters to him.
The cost to the global society and USA is already HUGE! And obviously the price is worst for the Iranian population.

[–] Steve@startrek.website 13 points 1 day ago

Epstein files?

[–] Nobody@anarchist.nexus 10 points 1 day ago

Nothing says making affordability a priority like spiking gas prices with no end in sight.

[–] BrianTheeBiscuiteer@lemmy.world 4 points 1 day ago (1 children)

It's the same price we paid for war with Iraq which took about 20 years to become a stable and self-functioning state.

[–] quick_snail@feddit.nl 2 points 1 day ago

And in those 20 years, how much went to US companies to rebuild it?

That was the intention.

[–] I_Jedi@lemmy.today 6 points 1 day ago (2 children)

Full related tweet:

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!President DJT

[–] floofloof@lemmy.ca 6 points 1 day ago

Iran's nuclear threat that they claimed to have utterly obliterated with their bombing last year? That threat again? The one Netanyahu has said is just weeks away every year since 1995?

When others cause issues, it's because they are incompetent. When I cause issues, there's a really good reason

Rules for thee, not for me

[–] vetehinen@lethallava.land 5 points 1 day ago

@MicroWave@lemmy.world some more channeling of that "Let them eat cake" energy

@politics@lemmy.world