Trump: US Benefits From High Oil Prices But Priority is Stopping Iran From Having Nuclear Weapons

MaticHoleFiller · 2026-03-12T23:32:36+00:00

Trump indicated that while rising oil prices boost US profits, the priority is to prevent Iran from developing nuclear weapons. Oil prices surged 6% due to suspected Iranian attacks on tankers. Although the International Energy Agency released strategic petroleum reserves, market supply remains affected by the conflict, with supply disruptions at historic highs.

MaticHoleFiller

2026-03-12 23:32:36

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U.S. President Trump said Thursday that rising oil prices mean more profits for the United States, but his top priority is to prevent Iran from developing nuclear weapons.

On Thursday, oil prices jumped 6%, approaching $100 per barrel. Previously, two oil tankers caught fire after being attacked by suspected Iranian vessels carrying explosives at an Iraqi port.

Despite the International Energy Agency (IEA) announcing the coordinated release of 400 million barrels of global oil reserves the day before, with about 40% coming from the world’s largest oil producer, the United States, oil prices still rose.

The war has forced Gulf countries in the Middle East to cut production by at least 10 million barrels per day, about 10% of global demand. The IEA stated Thursday that this is the largest disruption of global oil supply in history.

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