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President Donald Trump says a sharp increase in high oil prices is a “small price to pay” in the fight against Iran.

“Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, are a very small price to pay for the U.S. and world safety and peace,” Trump wrote on Truth Social, adding, “ONLY FOOLS WOULD THINK DIFFERENTLY!”

pic.twitter.com/kZqa02wtwM— Rapid Response 47 (@RapidResponse47) March 8, 2026

pic.twitter.com/kZqa02wtwM

Oil prices have risen to more than $100 a barrel since the United States launched its attack on Iran in conjunction with Israel, killing Iranian Supreme Leader Ali Khamenei and striking hundreds of Iran’s military targets.

Crude oil futures in London and New York soared almost 30% to nearly $120 a barrel on Monday, one of the biggest one-day jumps on record in early trading, threatening to raise costs of products from gasoline to jet fuel.

Israel struck more than two dozen Iranian fuel depots over the weekend, sparking frustration in Washington, D.C., Axios reports.

The Trump administration is concerned that strikes on Iranian oil facilities could further increase the cost of fuel and lead to Iranians backing the regime as they watch their nation’s infrastructure literally go up in flames, Axios reports, citing sources familiar with the matter.

Sen. Lindsey Graham, R-S.C., a staunch defender of Israel and the operation in Iran, has cautioned Israel against further strikes on Iranian fuel depots.

“Our allies in Israel have shown amazing capability when it comes to collapsing the murderous regime in Iran. America is most appreciative,” Graham wrote on X Sunday night.

“However, there will be a day soon that the Iranian people will be in charge of their own fate, not the murderous ayatollah’s regime,” the senator continued.

“In that regard, please be cautious about what targets you select. Our goal is to liberate the Iranian people in a fashion that does not cripple their chance to start a new and better life when this regime collapses. The oil economy of Iran will be essential to that endeavor.”

Iranian clerics over the weekend selected Mojtaba Khamenei, the son of Ali Khamenei, as the nation’s next supreme leader. Khamenei is viewed as a hardliner, and his selection as the new leader indicates the Iranian regime’s commitment to continue the fight against Israel and the U.S.

Reuters contributed to this report.

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