Flames rise from an oil storage facility south of the capital Tehran as strikes hit the city. via Associated PressDonald Trump has said a huge spike in the price of oil as a result of the war he started in the Middle East is “a very small price to pay ... for peace”. AdvertisementPosting on Truth Social, Trump said: “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 USA, and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!”Stock markets in Asia opened sharply down on Monday morning in response to the soaring oil prices. Meanwhile, Iran has defied Trump by choosing Mojtaba Khamenei – the son of the previous Ayatollah Ali Khamenei – as the country’s new supreme leader.

Source: Huffington Post March 09, 2026 12:18 UTC