A former White House official issued a chilling ultimatum to Donald Trump's administration as oil prices continue to rise in the US

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East.

Crude oil prices surged by more than 8% on Friday to hit 4-month highs after Israel’s attacks on Iran’s nuclear sites sparked supply concerns. Friday’s spike in crude oil prices is the largest single-day rise since Russia attacked Ukraine in 2022.

Shock waves from the oil market also hit stock bourses across Asia. Read more at straitstimes.com. Read more at straitstimes.com.

Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict.

Crude oil prices have surged in the global market amid Israeli airstrikes on Iran's nuclear sites, with Brent selling for $76.12, and WTI at $74.69 per barrel.