Oil hits $120: Does the Iran war threaten Trump?

The U.S. administration, led by President Donald Trump, has made conflicting statements about the joint U.S.-Israeli military operation against Iran. On the 10th day of the conflict, markets were shaken, and oil prices surged sharply, reports BBC.

On Monday morning, the U.S. stock market fell, and oil prices rose to $120 per barrel. Later, Trump spoke to journalists by phone, trying to calm the situation.

“I have a plan for everything. You will be very pleased later,” he said when asked about rising oil prices.

In an interview with CBS, Trump commented on the progress of the war:

“This operation is practically close to being fully completed. We are far ahead of schedule,”

he said, though he did not provide a specific timeline for its end.

“I don’t know; it all depends on the situation. When the war will end is only something I have in mind,” he added.

Following these statements, markets stabilized somewhat, and oil prices fell below $90 per barrel.

Earlier, Trump had said that the military operation against Iran would not stop “until they unconditionally kneel.” However, he later changed his rhetoric, calling the operation “already a major success.”

The U.S. also warned that if Iran threatens oil tankers in the Persian Gulf, attacks would be intensified.

“We will hit them so hard that recovery in the region will be impossible,” Trump said.

U.S. Defense Secretary Pete Hegset noted that even heavier bombs could be used in the next phase of the conflict. According to him, strikes with 500, 1,000, and 2,000-pound bombs on military targets have not yet fully begun.

The war has also affected global markets. Gasoline prices in the U.S. rose by 48 cents in a week, reaching $3.48 per gallon.

Economic difficulties are also emerging. According to recent data, in February, 92,000 jobs were lost in the U.S., and the unemployment rate rose to 4.4%.

Experts believe that rising oil and gas prices could pose a significant political risk for Trump, especially ahead of the November Congressional elections, potentially affecting his approval ratings.