Oil prices crashed back under $100 a barrel Tuesday after Donald Trump claimed the US war on Iran would be “very soon” over — but not before the president made clear he doesn’t give a damn about working families getting destroyed at the gas pump.
Brent crude had surged to $119.50 per barrel Monday, the highest since Russia invaded Ukraine in 2022. That spike would have meant $4-plus gas nationwide, devastating millions of Americans already struggling with grocery bills and rent.
Trump’s response? The oil price jump is basically no big deal.
Trump: “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!President DJT” pic.twitter.com/dm7MeeF2GC
— Aaron Rupar (@atrupar) March 8, 2026
“Pretty much complete,” Trump told CBS News about the Iran war, sending oil prices tumbling back to $98.96. But his casual dismissal of energy costs that would crush working-class budgets perfectly captures how disconnected this billionaire president is from actual economic pain.
The oil spike happened because Iran threatened to block regional exports through the Strait of Hormuz, the chokepoint for about 20% of global oil supply. Iran’s new supreme leader Mojtaba Khamenei — who Trump called a “big mistake” — is facing an existential threat from US-Israeli bombardment.
Markets went haywire Monday. Asian and European stock indices crashed. Wall Street opened in the red. The G7 started discussing releasing emergency oil reserves.
Then Trump started talking, and suddenly the crisis was “very complete” and “ahead of schedule.”
Never mind that Trump has been all over the map on Iran. He’s claimed Iran would have attacked the US “within a week” without his intervention. He’s suggested the war could be a “short-term excursion.” He’s even floated “thinking” about taking over the Strait of Hormuz entirely.
The whiplash messaging would be funny if it weren’t moving global energy markets that determine whether American families can afford to drive to work.
Trump “pays close attention to market movements,” The Guardian noted. Of course he does — when you’re worth billions, market swings are just numbers on a screen. When you’re making $15 an hour, a $40 jump in your weekly gas bill means choosing between groceries and medicine.
The president who promised to bring down costs for working Americans just shrugged off oil prices that would have sent gas toward $5 a gallon. Iran is still threatening export blockades. The war Trump claims is “complete” continues with Israeli strikes on Tehran and Iranian missiles hitting Gulf states.
Meanwhile, 83 children have died in Lebanon since the conflict started, according to Unicef. Bahrain declared force majeure after attacks on its oil refinery. Turkey is getting hit by Iranian missiles.
But sure, Donald. The war is basically over and $100 oil is no biggie. Tell that to the single mom trying to get to her second job.