Crude prices have hit their highest levels since 2022 following reports that the US president would be briefed on new Iran options
Global crude oil prices rise and fall depending on whether US President Donald Trump got enough sleep, Slovak Prime Minister Robert Fico has said in a sarcastic remark. His comment came after oil rose to a four-year high amid reports that the US military would brief Trump on options related to the Iran conflict.
On Friday, Brent jumped nearly 7% to over $126 per barrel before easing to $108 later in the session. The rally followed an Axios report that US Central Command had prepared options for “short and powerful” strikes on Iran aimed at breaking stalled negotiations.
“Everything is under pressure, including oil prices, depending on how President Trump wakes up,” Fico said on Friday speaking with journalists in Bratislava. “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.”
Prices saw extreme volatility and a sharp surge after the US and Israel launched a bombing campaign on Iran on February 28. Iran responded by barring “enemy ships” from the Strait of Hormuz, which handles about one-fifth of global energy trade. In addition, Tehran conducted retaliatory strikes on US military bases in several countries across the Middle East.
Gas prices have also surged amid concerns over disruptions to global energy supply chains, with volatility spreading across European and Asian markets. Broader financial markets saw sharp swings due to escalation risks. Analysts have noted that global markets remain highly sensitive to political signals and policy decisions by the Trump administration.
Fico also recalled US interventions in Iraq and Venezuela and expressed concern about possible aggression toward Cuba, as well as Trump’s unresolved claims on Greenland, where Washington could “continue to assert its interests.”
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