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Oil prices jumped above $100 per barrel Monday as President Donald Trump promised prices would drop after the joint U.S.-Israeli military operation targeting Iran\u2019s \u201cnuclear threat\u201d concludes.\u00a0<\/span><\/p>\n Global benchmark Brent crude <\/span>rose<\/span><\/a> as high as $118 per barrel Monday morning before retreating to around $104, more than $10 above Friday\u2019s close. It marked the first time Brent has surpassed $100 per barrel since the fall of 2022.\u00a0<\/span><\/p>\n The operation against Iran and the regime\u2019s response have disrupted oil tanker traffic through the Strait of Hormuz. Trump said on Sunday night that the oil prices would drop as soon as Iran\u2019s nuclear capabilities were completely destroyed.\u00a0<\/span><\/p>\n \u201cShort 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!\u201d Trump wrote on Truth Social.\u00a0<\/span><\/p>\n According to AAA, the national average for gasoline <\/span>rose<\/span><\/a> from $2.99 per gallon one week ago to $3.47 on Monday.\u00a0<\/span><\/p>\n Iran has launched attacks on regional oil facilities, including the Ras Tanura refinery run by Aramco in Saudi Arabia which produces around 550,000 barrels of oil per day. Aramco shut down the facility as a precautionary measure after an Iranian drone attack.\u00a0<\/span><\/p>\n An Iranian drone attack on Monday appeared to target Bahrain\u2019s Bapco oil refinery, the country\u2019s top oil facility, Reuters reported.\u00a0<\/span><\/p>\n Over the weekend, Israel carried out strikes targeting Iran\u2019s oil facilities outside of Tehran saying they were used to fuel its military.\u00a0<\/span><\/p>\n Last week, Trump said he would direct the United States Development Finance Corporation to provide political risk insurance to oil tankers operating near Iran and suggested the U.S. Navy could protect tankers sailing through the Strait of Hormuz.\u00a0<\/span><\/p>\n \u201cIf necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible. No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD,\u201d Trump <\/span>said<\/span><\/a> on Truth Social.\u00a0<\/span><\/p>\n Iran threatened Trump on Friday over the potential Navy escorts.\u00a0<\/span><\/p>\n \u201cIran strongly welcomes the escort \u200bof oil tankers and that U.S. \u200bforces will be there for the crossing of the \u200cStrait \u2060of Hormuz. And we are, by the way, awaiting their presence,\u201d said<\/a> Iranian Revolutionary Guard spokesman Alimohammad Naini. \u201cWe recommend that, before making any \u200bdecision, the Americans \u200bremember \u2060the fire on the American supertanker Bridgeton in 1987 and the \u200boil tankers that were recently \u200btargeted.\u201d<\/span><\/p>\n American and Israeli strikes on Iran have continued over the weekend \u2060with no clear timeline for when the operation will conclude. Military officials have said that the campaign will end once Iran\u2019s nuclear and missile production capabilities are destroyed.\u00a0<\/span><\/p>\n<\/div>\n