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President Donald Trump called surging oil costs a "very small price to pay." Group of 7 leaders are set to convene on Monday to assess the economic fallout.
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The officials also claimed that the sharp increase in gasoline prices resulting from the Iran war would last only weeks.
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The price of crude oil briefly neared $120 a barrel Monday as Iran named Mojtaba Khamenei the supreme leader and then launched new attacks at Israel and Gulf states.
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As turmoil continues in the Middle East, the price of crude oil rose to more than $100 a barrel on Monday.
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The price of oil surged Monday, as the effects of the Iran war hit markets worldwide and stoke fresh worries about inflation.
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World shares tumbled on Monday, with Japan's benchmark Nikkei 225 index plunging more than 5%, after oil prices spiked at nearly $120 a barrel.
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