Shortly after the surge, U.S. President Donald Trump said on Truth Social that "short term oil prices" are "a very small price to pay."

U.S. crude oil hit as much as $80 per barrel Thursday, as the escalating Iran war enters its seventh day and continues disrupting global fuel supplies.

After its largest increase since the early 1980s over the last week, futures trading on crude oil on Sunday surpassed $100 per barrel.