Oil Tops $100 as Trump Calls Spike ‘Small Price to Pay’
Oil started trading at over $100 a barrel on Sunday for the first time in four years, but President Donald Trump downplayed the hike and insisted in a post on Truth Social that the price would "drop rapidly."
This occurs just after Iran announced the election of Ayatollah Seyed Mojtaba Khamenei, son of the late Ayatollah Ali Khamenei, as the country's Supreme Leader. The 88-member Assembly of Experts, responsible for picking a new head of the regime, had elected Mojtaba after days of uncertainty over who would succeed Khamenei, who was killed in U.S.-Israeli strikes last weekend.
And the U.S. military announced Sunday that an American service member has died in the Iran War, bringing the death toll of military members to 7.The pentagon said that the service member died on Saturday from injuries sustained during a March 1 Iranian attack on Saudi Arabia.
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The U.S. Central Command (CENTCOM) said Iranian forces were launching ballistic missile and drone strikes across the region from crowded areas in cities across central and western Iran, putting civilians in harm's way and risking populated areas becoming legitimate military targets.
It's not clear whether the announcement will be followed by a more intense wave of U.S. strikes on Iran, although U.S. President Donald Trump warned on Saturday targets not previously on the table were now "under serious consideration for complete destruction and certain death."
