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U.S. President Donald Trump said on Thursday that the United States could generate substantial revenue from rising oil prices driven by the ongoing war with Iran, a remark that drew criticism from some lawmakers who accused him of prioritising wealthy interests.
Oil prices surged more than 9% to about $100 per barrel as the U.S.-Israeli conflict with Iran expanded. Two crude tankers caught fire at an Iraqi port after being struck by suspected Iranian explosive boats, while dozens of oil tankers remained stranded as the Strait of Hormuz stayed closed.
In a post on social media, Trump said the United States, as the world’s largest oil producer, stands to benefit financially when oil prices rise. He added, however, that preventing Iran from obtaining nuclear weapons remained a far more critical objective.
Democratic Senator Mark Kelly of Arizona criticised the president’s remarks, saying working Americans were being hurt by the conflict.
“The only ones benefiting from skyrocketing gas prices are the big oil companies,” Kelly wrote on X, adding that Trump appeared pleased with the situation because he prioritises the interests of wealthy individuals.
Two other Democratic lawmakers — Representative Mark Pocan of Wisconsin and Representative Don Beyer of Virginia — echoed similar criticisms on social media.
White House spokesman Kush Desai dismissed the criticism as misguided, saying oil and gas prices would likely fall once the short-term disruptions caused by the war subside.
Desai said Trump’s comments reflected the fact that the United States has become the world’s largest oil and gas producer and a net energy exporter due to the administration’s energy policies.
Republican Senator Thom Tillis of North Carolina said that while the administration may be taking a longer-term perspective on the conflict and its costs, many Americans remain focused on the immediate impact on household budgets.
Gasoline prices in the United States have continued to climb nearly two weeks into the conflict, even after more than 30 countries in the International Energy Agency, including the United States, announced a release of a record 400 million barrels of oil from global reserves.
In an effort to ease supply pressures, the Trump administration is also considering temporarily waiving the Jones Act, a shipping regulation that requires goods transported between U.S. ports to be carried on American-built and American-crewed vessels. Suspending the rule would allow foreign ships to transport fuel between domestic ports, potentially lowering costs and speeding deliveries.
Earlier this month, Trump said he was not concerned about the increase in gasoline prices, predicting they would fall quickly once the conflict ends — a claim that some energy analysts have questioned as the war approaches its second week.
Energy Secretary Chris Wright said on Thursday that oil prices reaching $200 per barrel remained unlikely, though he acknowledged the possibility if the conflict escalates further.
He said the current disruption is expected to last weeks rather than months and that the administration is focused on stabilising energy supply during the crisis.
Brent crude previously reached a record high of around $147 per barrel in 2008, driven by tensions between the West and Iran over its nuclear programme, a weak U.S. dollar and inflation concerns.
Analysts say the current situation could keep oil prices elevated due to the unprecedented closure of the Strait of Hormuz, a key shipping route for global energy supplies.
Iran’s new Supreme Leader Mojtaba Khamenei said on Thursday that the strait should remain closed as a strategic pressure point.
Iranian military spokesman Ebrahim Zolfaqari warned that oil prices could reach $200 per barrel if regional security continues to deteriorate.
Wright said the administration is working on practical measures to manage the short-term disruption and ensure the long-term security of global energy flows.