Trump's Vow of Retaliation Sends Global Oil Prices Soaring

Global oil prices surged on Wednesday after US President Donald Trump vowed to retaliate against Iran following an overnight missile attack.

The benchmark index for worldwide crude prices jumped over 7%, crossing above $90 a barrel. This marks the latest shift in oil prices, which have swung dramatically over recent weeks due to ongoing fighting between the US and Iran.

Oil prices account for a significant share of auto gasoline costs, with the average price per gallon currently at $4.09 - a 37% increase since war broke out in late February, according to AAA.

Trump's statement that the US will 'hit them hard' sparked concerns about further escalation and potential disruptions to global oil supplies.