President Donald Trump dismissed higher gas prices as a “very small price to pay” as analysts warned that disruptions from the war in the Middle East could escalate.

Oil prices traded around the highest levels since 2022 Friday, shrugging off the Trump administration’s earlier decision to temporarily allow the delivery and sale of sanctioned seaborne Russian crude – a waiver aimed at mitigating a surge in prices following its attacks on Iran.

The last three oil shocks followed a surprisingly consistent pattern. Here's what they say about where the S&P 500 goes from here.

Oil continued its recent surge Sunday, hitting $100 per barrel for the first time since July 2022 as the ripple effects from the U.S. war on Iran continued to hit global markets.

Global crude oil prices hovered around $101 per barrel on Monday, which marked a staggering 44% increase since the Middle East conflict broke out two weeks earlier. U.S. gasoline prices have jumped 73 cents since the war started, clocking in at an average $3.71 a gallon on Monday, AAA said.

Oil prices exceeded $100 per barrel Thursday as the ongoing war in Iran caused energy costs to spike to their highest levels since 2022.

A few weeks in, the Israel-Iran War has driven oil prices to their highest level since July 2022.

By Scott DiSavino NEW YORK, March 9 (Reuters) - Oil prices jumped about 7% on Monday to settle at their highest since 2022 as Saudi Arabia and other OPEC members cut supplies during the expanding U.S.

The S&P 500 declined 2% last week as conflict in the Middle East pushed oil prices to a multiyear high.