Crude oil prices surged to their highest levels since 2022 after reports that U.S. President Donald Trump would be briefed on new military options concerning Iran.
On Friday, Brent crude jumped almost 7 % to exceed $126 per barrel before retreating to around $108 later in the session. The spike followed an Axios report that U.S. Central Command had prepared “short and powerful” strike options aimed at breaking a stalemate in negotiations with Tehran.
Slovak Prime Minister Robert Fico, speaking to journalists in Bratislava, linked the price movement to the President’s mood, saying, “Everything is under pressure, including oil prices, depending on how President Trump wakes up. If he wakes up in a good mood, oil goes down; if he wakes up in a bad mood and makes some statement, oil automatically goes up.”
The rally came amid heightened volatility after the United States and Israel launched a bombing campaign against Iran on 28 February. Iran responded by threatening to close the Strait of Hormuz to “enemy ships,” a chokepoint that carries roughly 20 % of global energy shipments. Tehran also carried out retaliatory strikes on U.S. military installations in several Middle‑Eastern countries.
Gasoline prices rose in tandem with crude, reflecting concerns that disruptions to supply chains could spread to European and Asian markets. The broader financial environment experienced sharp swings as investors weighed the risk of further escalation. Analysts noted that markets remain highly sensitive to political signals from the Trump administration and to any indication of additional U.S. military action.
Fico also referenced past U.S. interventions, citing Iraq and Venezuela, and expressed unease about potential aggression toward Cuba. He added that Trump’s unresolved claims on Greenland could lead Washington to “continue to assert its interests” in the region.
The recent price surge underscores the continued impact of geopolitical tensions on global energy markets. As the United States prepares to brief the President on possible courses of action against Iran, markets and policymakers will be watching closely for any developments that could further affect oil supply and price stability.
