Global energy markets were jolted Sunday as crude oil prices skyrocketed more than 17 percent, blasting past the $100-per-barrel threshold for the first time since the early days of President Donald J. Trump’s earlier military actions against Iran. The sudden surge rattled investors and reignited debate over the economic fallout of escalating tensions in the Middle East.
The dramatic jump came as markets reacted to the latest round of American airstrikes tied to Operation Epic Fury. According to administration officials, the campaign represents the most aggressive military effort yet aimed at crippling the Iranian regime’s military capabilities. Treasury Secretary Scott Bessent recently described the effort as the “BIGGEST bombing campaign yet,” signaling a significant escalation in the ongoing confrontation with Tehran.
Energy traders quickly responded to the developments. West Texas Intermediate crude — the U.S. benchmark — soared by 16.2 percent, landing at $102.45 per barrel. Meanwhile Brent crude, widely used as the global pricing standard, climbed even higher, surging 15.8 percent to settle at $105.67.
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