Donald Trump insists surge in energy prices is ‘very small price to pay’ as Middle East conflict rattles global markets
Global oil prices surged past $100 (£74, AU$142) a barrel for the first time since 2022 as fallout from the US-Israel war with Iran continues to wipe 20m barrels of oil from the market each day.
A weekend of escalating violence in the Middle East intensified concerns around a sustained supply crunch, propelling oil prices to their highest level in four years and triggering a deep stock market sell-off.
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