Oil markets are reeling after a dramatic surge in crude prices following rising geopolitical tensions in West Asia. US President Donald Trump has defended the spike in global energy costs, calling it a temporary sacrifice in the broader push to dismantle Iran’s nuclear capability and safeguard long-term global security. As crude prices surge to levels not seen since 2022, global markets are feeling the pressure. U.S. oil futures have crossed the $108 per barrel mark while Brent Crude Oil has jumped sharply, reflecting investor fears of deeper supply disruptions across the Gulf region. Despite the economic turbulence, Trump insists the short-term pain is necessary if it leads to a nuclear-free Iran and long-term stability in the region. Critics, however, warn that sustained energy price spikes could weigh heavily on global growth, consumer spending and already fragile supply chains. WATCH

President Donald Trump has raised temporary tariffs from 10&#37 to 15&#37 on U.S. imports after the Supreme Court struck down his earlier trade program. The new move relies on Section 122, a rarely used statute that allows tariffs up to 15&#37 for 150 days without prior congressional approval.