The surge in oil prices caused by the US-Israeli operation against Iran has thrown the US administration into a state of panic, CNN reported, citing its sources.
According to them, US President Donald Trump's advisers expected a short-term rise in oil prices in the first days of hostilities, but the true scale of the market reaction has caught them off guard. Initially, the US administration hoped to use the drop in gasoline prices as a key argument for the Republican Party before the midterm elections in November, CNN notes. But as oil prices topped $100 a barrel, it became clear that the steps taken by US authorities had failed to allay fears of a prolonged energy crisis, the network notes.
The US president had previously claimed that oil prices had risen less than he had expected.
Meanwhile, the price of Brent crude oil futures for delivery in May 2026 on the London ICE exchange fell below $90 a barrel, just over 24 hours after reaching a peak of $119, according to trading data. As of 11:47 p.m. Bulgarian time, Brent fell by 3.42% to $89.52 a barrel. As of 11:59 p.m., Brent was trading at $89.70 per barrel (down 3.23%).
According to trading data, on the morning of March 9, the price of Brent crude oil for delivery in May 2026 on the London ICE exchange exceeded $119 per barrel for the first time since June 17, 2022.