The Economist.
As the war against Iran rages on, oil has soared.
Brent Crude is the world's benchmark for oil prices.
It has already crossed $80 a barrel.
US oil prices have topped $100 a barrel for the first time since 2022.
Brent Crude near $120 a barrel.
Traders are anxious that the war will drag on, further deepening the crisis.
And so President Trump has tried to calm the markets.
Thank you Mr. President.
On Iran, you called it an excursion, you said it would be over soon.
Are you thinking this week it will be over or are you talking about days?
No, very soon.
I think so.
Okay, and with respect to Very soon.
Look, everything they have is gone, including their leadership.
And countries, including the US, have reached deep into their strategic petroleum reserves
to try and mitigate the supply shock.
That's something that's only happened a few times since the oil crises of the 1970s.
400 million barrels of oil.
That's how much the International Energy Agency is releasing from its strategic reserve