Here are the latest top world news stories as of the early hours of October 7 — from the US political debate over the Iran war to a major new oil price forecast.
Trump: High Oil Prices a “Small Price to Pay” in Iran War
Speaking at a rally in Nebraska on Monday, US President Donald Trump said the high oil and gasoline prices caused by the Iran war are “a small price to pay” for keeping the United States and the world safe. He added that a nuclear-armed Iran could have been able to strike American cities like Los Angeles and San Diego. California Governor Gavin Newsom called the president “deranged and dangerous,” while the White House dismissed the criticism as a “media freakout,” saying Trump was talking about stopping a nuclear Iran. The remarks suggest the US remains politically committed to continuing the confrontation with Iran.
US Energy Agency Raises 2026 Oil Price Forecasts
The US Energy Information Administration has raised its oil price forecasts in its Short-Term Energy Outlook. Brent crude is now expected to average about $98 per barrel in 2026, up 8% from the previous forecast, and around $105 per barrel in the fourth quarter — an increase of $14. The agency pointed to global stockpiles draining quickly and tight diesel supplies caused by the Iran war, with US retail diesel now above $6 per gallon. The only relief path it sees is a drop to around $84 per barrel in 2027.
Market Snapshot
Bitcoin is trading near $86,000, still held back below the $87,000 resistance level, while Ethereum sits around $2,700 and the total crypto market capitalization is about $2.93 trillion. No new major institutional or regulatory crypto moves were reported. The Federal Reserve’s September meeting minutes are due today, which could be the next market catalyst. Brent crude is around $100 per barrel, and no new China–UK or China–USA tariff moves were found.