President Donald Trump announced Monday, March 9, that an increase “short term” of oil prices is “a very small price to pay for the safety and peace of the United States and the world.”
Donald Trump/PHOTO: Profimedia
“Short-term oil prices, which will fall rapidly when Iran's nuclear threat is eliminated, are a very small price to pay for the safety and peace of the United States and the world. ONLY FOOLS WOULD THINK OTHERWISE!”
According to Axios, oil prices broke through triple digits on Sunday for the first time since 2022, a clear sign that the war in the Middle East is affecting global supplies and raising costs for consumers.
Global benchmark Brent was initially trading at $101.81 a barrel on Sunday evening, while WTI, the main US benchmark, was at $101.56. Later, Brent rose above $108.
US oil prices rose further later in the evening, nearing $120 a barrel overnight, ahead of the start of this week's trading.
In Romania, the Government is analyzing five scenarios to prevent exceeding the threshold of 10 lei/liter for fuels, said the Minister of Energy, Bogdan Ivan.
“The state has five scenarios on the table depending on how the price of oil and diesel evolves. I have discussed them with the Minister of Finance and the Prime Minister, and the interventions will be adapted according to the situation. The final decision will be taken next week.” Minister Bogdan Ivan said on Antena3.
The scenarios include, among others, the temporary reduction of excise duties and taxes, which account for almost 70% of the final price of fuel, until the end of the conflict in the Middle East.
“We are determined to put mechanisms in place to prevent double-digit sums being reached at the pump. These scenarios will be discussed applied to be included in the 2026 budget”, explained the minister.
The increase in the price of a barrel of oil is the largest weekly since 1983, and military tensions in the Middle East show no signs of abating.
In Romania, prices increased less than in other European countries: gasoline and standard diesel went up by around 40 lei, while in Germany the increase was 1 lei, in Italy 1.5 lei and in Spain 46 lei.
We recall that the war in the Middle East began on February 28, 2026, when the United States and Israel launched a coordinated military attack on Iran, targeting military infrastructure and key leaders, which led to a rapid escalation of hostilities and Iranian retaliation with missiles and drones in the region.
The conflict has turned into a regional war with global effects, affecting states in the Persian Gulf and leading to airspace closures, energy price hikes and fears about geopolitical stability.
