5
#000000
#FFFFFF
President Donald Trump holds a press conference at the 36th NATO Summit of Heads of State and Government in Ankara, Türikye, on July 8, 2026.
(Photo by Dilara Irem Sancar/Anadolu via Getty Images)
'That's All Right,' Says Trump as Oil Prices Predictably Surge After He Rips Up MOU With Iran
Oil price jumps should "start being passed along tomorrow and in the days ahead" in the form of higher gasoline prices, said one industry analyst.
Jul 08, 2026
President Donald Trump's illegal war with Iran is sending oil prices surging—again.
While attending the 36th NATO Summit of Heads of State and Government in Türikye on Wednesday, Trump said that the ceasefire agreement he struck last month with Iran is "over," while adding, "I don’t want to deal with them," in reference to the Iranians.
Shortly after the president's remarks, Brent and West Texas Intermediate (WTI) crude oil prices each jumped by more than 4% during Wednesday trading, marking the end of a steady decline in prices that occurred in the weeks since the ceasefire deal was first announced.
Later in the day, Trump went on a lengthy rant about Democrats criticizing his failed campaign promise to bring down the price of groceries starting on his very first day in office, and he falsely claimed that the price of oil "is coming down very big."
At this point, a reporter interjected and said that oil prices on Wednesday were surging upward.
"If we hit Iran, oil goes up a little bit," Trump replied. "That's all right."
Trump on Inflation: And now inflation is way down. Everything is great. The prices are coming down. They made up a phony word: affordability. Oil is coming down very big.
Reporter: Brent crude is up today.
Trump: Every time we hit Iran, oil goes up a little bit. That's all… pic.twitter.com/ZvG0a5RYZh
— Acyn (@Acyn) July 8, 2026
Although the price of gasoline has been following the price of oil downward, any increase in petroleum prices will almost certainly send it back upward.
In a social media post, petroleum industry analyst Patrick De Haan said the renewed fighting between the US and Iran, combined with Russia banning exports of diesel fuel, would likely cause more pain at the gas pump in the near future.
"With news of Russia suspending diesel exports, markets have accelerated their climb," De Haan explained. "In addition, the current national average for diesel of $4.75 per gallon could head back to $5 per gallon in the next week or two, while the national average gas price heads to $4 per gallon."
De Haan added that spot gasoline prices on Wednesday were up by between $0.14 and $0.20, projecting that "today's jumps could start being passed along tomorrow and in the days ahead."
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
President Donald Trump's illegal war with Iran is sending oil prices surging—again.
While attending the 36th NATO Summit of Heads of State and Government in Türikye on Wednesday, Trump said that the ceasefire agreement he struck last month with Iran is "over," while adding, "I don’t want to deal with them," in reference to the Iranians.
Shortly after the president's remarks, Brent and West Texas Intermediate (WTI) crude oil prices each jumped by more than 4% during Wednesday trading, marking the end of a steady decline in prices that occurred in the weeks since the ceasefire deal was first announced.
Later in the day, Trump went on a lengthy rant about Democrats criticizing his failed campaign promise to bring down the price of groceries starting on his very first day in office, and he falsely claimed that the price of oil "is coming down very big."
At this point, a reporter interjected and said that oil prices on Wednesday were surging upward.
"If we hit Iran, oil goes up a little bit," Trump replied. "That's all right."
Trump on Inflation: And now inflation is way down. Everything is great. The prices are coming down. They made up a phony word: affordability. Oil is coming down very big.
Reporter: Brent crude is up today.
Trump: Every time we hit Iran, oil goes up a little bit. That's all… pic.twitter.com/ZvG0a5RYZh
— Acyn (@Acyn) July 8, 2026
Although the price of gasoline has been following the price of oil downward, any increase in petroleum prices will almost certainly send it back upward.
In a social media post, petroleum industry analyst Patrick De Haan said the renewed fighting between the US and Iran, combined with Russia banning exports of diesel fuel, would likely cause more pain at the gas pump in the near future.
"With news of Russia suspending diesel exports, markets have accelerated their climb," De Haan explained. "In addition, the current national average for diesel of $4.75 per gallon could head back to $5 per gallon in the next week or two, while the national average gas price heads to $4 per gallon."
De Haan added that spot gasoline prices on Wednesday were up by between $0.14 and $0.20, projecting that "today's jumps could start being passed along tomorrow and in the days ahead."
From Your Site Articles
- Trump's Unprovoked War on Iran Triggers 10% Spike in Global Oil Prices ›
- Thanks to Trump's Iran War, Big Oil Raking in $30 Million Per Hour in Windfall Profits ›
- 'Absolutely Massive' Price Shocks Coming as Trump's Iran War Drives Up Gas, Diesel Prices ›
Related Articles Around the Web
President Donald Trump's illegal war with Iran is sending oil prices surging—again.
While attending the 36th NATO Summit of Heads of State and Government in Türikye on Wednesday, Trump said that the ceasefire agreement he struck last month with Iran is "over," while adding, "I don’t want to deal with them," in reference to the Iranians.
Shortly after the president's remarks, Brent and West Texas Intermediate (WTI) crude oil prices each jumped by more than 4% during Wednesday trading, marking the end of a steady decline in prices that occurred in the weeks since the ceasefire deal was first announced.
Later in the day, Trump went on a lengthy rant about Democrats criticizing his failed campaign promise to bring down the price of groceries starting on his very first day in office, and he falsely claimed that the price of oil "is coming down very big."
At this point, a reporter interjected and said that oil prices on Wednesday were surging upward.
"If we hit Iran, oil goes up a little bit," Trump replied. "That's all right."
Trump on Inflation: And now inflation is way down. Everything is great. The prices are coming down. They made up a phony word: affordability. Oil is coming down very big.
Reporter: Brent crude is up today.
Trump: Every time we hit Iran, oil goes up a little bit. That's all… pic.twitter.com/ZvG0a5RYZh
— Acyn (@Acyn) July 8, 2026
Although the price of gasoline has been following the price of oil downward, any increase in petroleum prices will almost certainly send it back upward.
In a social media post, petroleum industry analyst Patrick De Haan said the renewed fighting between the US and Iran, combined with Russia banning exports of diesel fuel, would likely cause more pain at the gas pump in the near future.
"With news of Russia suspending diesel exports, markets have accelerated their climb," De Haan explained. "In addition, the current national average for diesel of $4.75 per gallon could head back to $5 per gallon in the next week or two, while the national average gas price heads to $4 per gallon."
De Haan added that spot gasoline prices on Wednesday were up by between $0.14 and $0.20, projecting that "today's jumps could start being passed along tomorrow and in the days ahead."
From Your Site Articles
- Trump's Unprovoked War on Iran Triggers 10% Spike in Global Oil Prices ›
- Thanks to Trump's Iran War, Big Oil Raking in $30 Million Per Hour in Windfall Profits ›
- 'Absolutely Massive' Price Shocks Coming as Trump's Iran War Drives Up Gas, Diesel Prices ›
Related Articles Around the Web
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.