U.S. President Donald Trump said Thursday that rising oil prices benefit the United States because the country is the world’s largest producer of crude, even as tensions in the Middle East push global energy markets higher.
“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” Trump wrote on social media.
But the president said his primary concern remained preventing Iran from developing nuclear weapons, warning that Tehran’s ambitions could threaten regional and global security.
“But, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World,” Trump wrote. “I won’t ever let that happen! Thank you for your attention to this matter.”
Trump’s remarks came as tensions in the Middle East intensified, driving oil prices sharply higher and rattling global financial markets.
Benchmark crude prices briefly touched $100 a barrel during trading on Thursday, reflecting growing concern that disruptions in the Persian Gulf could affect global energy supplies.
Traders and analysts warned that escalating conflict around the Strait of Hormuz — one of the world’s most critical oil shipping routes — could tighten supply and fuel further price spikes.
Financial markets reacted nervously to the developments. U.S. stocks fell as investors weighed the economic impact of higher energy costs and rising geopolitical risks.
Trump also said that the Iranian soccer team should not be coming to the US to participate in the upcoming FIFA World Cup.
“The Iranian National Soccer Team is welcome to The World Cup, but I really don’t believe it is appropriate that they be there, for their own life and safety,” Trump wrote. “Thank you for your attention to this matter!”
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