Donald Trump has said higher oil prices benefit the US as tensions with Iran disrupt Strait of Hormuz shipping and push global crude prices above $100.
US President Donald Trump has again shifted his messaging on rising energy prices, portraying higher oil costs as beneficial even as the conflict with Iran disrupts global markets. The change in his tone comes as the administration struggles to outline a clear strategy to reopen the vital Strait of Hormuz, where oil and gas tankers remain stranded amid escalating tensions.
In a post on his social media platform Truth Social on Thursday, Trump said the United States benefits when oil prices climb because of its large production capacity. “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,” he wrote.
Just weeks earlier, during his State of the Union address, Trump had highlighted low gasoline prices, noting they stood at $2.30 per gallon. Since then, prices have surged by more than 50%, reaching a national average of $3.60 per gallon, according to data from AAA.
He even said: “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for USA and world, safety and peace. only fools would think differently.”
Trump had previously argued that high fuel prices helped him defeat former president Joe Biden, though later he said he is unconcerned about the current price surge affecting voters or pressuring him to end the conflict early.
Oil price rise impact
Analysts warned that sustained increase in oil prices could hurt the broader economy. As tensions in the Middle East continue to rise, Goldman Sachs has updated its projections for global oil prices.
According to a report by Reuters, analysts at the investment bank now expect Brent crude to average $71 per barrel in the final quarter of the year. West Texas Intermediate (WTI) is forecast to average $67 per barrel during the same period.
The revised estimates mark an increase from the bank’s previous outlook, which had projected Brent crude at $66 per barrel and WTI at $62 per barrel in the last quarter of 2026. Currently, oil prices remain significantly higher than those forecasts. Brent crude was trading at $100.36 per barrel, while WTI is priced at above $95.32 per barrel on Friday morning.
Oil markets have been highly volatile as the world react to Trump’s statements and the ongoing disruption in the Strait of Hormuz, a key shipping route that sees one-fifth of the world’s oil transit.
