Back to today’s briefing

Story perspectives

Trump Ignores US Cost, Oil Hits $109 Amid Iran War

5/17/2026

50 4 Full Breakdown

Summary

Story summary

President Donald Trump said he ignores Americans’ finances while negotiating Iran war, claiming the aim is to stop Iran getting a nuclear weapon.
Trump called the comment “perfect” and said he would repeat it.
Brent crude rose to $109 a barrel, WTI to $104, and U.S. gasoline $4.52 per gallon, 50 % jump since the war began.
The Strait of Hormuz remains closed, blocking roughly one-fifth of global oil shipments.

History

Historical Context

After the October 1973 Yom Kippur War, OAPEC—led by Saudi King Faisal—ordered an oil embargo against the United States and its allies, prompting President Nixon to impose emergency controls. OPEC’s posted price jumped from $3 to $12 per barrel, a 400 % rise, sparking the first oil shock and prompting lasting U.S. energy-security policies.

1 of 2

Story summary

President Donald Trump said he ignores Americans’ finances while negotiating Iran war, claiming the aim is to stop Iran getting a nuclear weapon.
Trump called the comment “perfect” and said he would repeat it.
Brent crude rose to $109 a barrel, WTI to $104, and U.S. gasoline $4.52 per gallon, 50 % jump since the war began.
The Strait of Hormuz remains closed, blocking roughly one-fifth of global oil shipments.

1 / 2