Trump declares US making a lot of money from | Political News

President Trump claimed that the U.S. is making “a lot of money” amid the continuing oil disaster in the Middle East, saying that his priorities is sustaining peace in the area, moderately than stabilizing fuel costs.

The president took to Truth Social on Thursday to remark on the continuing battle in Iran, baselessly accusing the nation of searching for to destroy the world with nuclear weapons.

“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. BUT, of far greater interest and importance to me, as President, is stoping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen!” he wrote.

Trump’s feedback come as Brent, the worldwide benchmark for most of the world’s traded oil, has repeatedly skyrocketed since Sunday, after the Strait of Hormuz, the exit level for ships in the Persian Gulf, remained closed amid the battle in Iran. The transfer has trapped more than 1,000 vessels from exporting oil and compelled Gulf oil producers to halt output.

On Thursday, Iran’s new supreme chief, Mojtaba Khamenei, warned that he would continue blocking the Strait of Hormuz in order to strain the U.S. and avenge the Iranians who have died since strikes erupted 12 days in the past.

“I assure everyone that we will not refrain from avenging the blood of your martyrs,” Khamenei, who was lately appointed as supreme chief following his father, Ali Khamenei’s, death, said in his message. “The retaliation we have in mind isnot limited only to the martyrdom of the great leader of the Revolution; rather, every member of the nation who is martyred by the enemy continues a separate case in the file of revenge.”

Referring to a U.S. strike that focused an elementary faculty in Minab, killing 175 people, most of which had been kids, the new supreme chief said, “the crime the enemy deliberately committed against the Shajareh-Tayyebeh school in Minab, and some similar cases, holds a special status in this process of accountability.”

Oil costs hit $100 per barrel on Wednesday, a regarding determine for lawmakers worldwide. Oil costs climbed above $100 a barrel on early Thursday, though they later dipped to $97.40, still signaling a 6% rise from earlier days.

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Ebrahim Zolfaqari, a spokesman for Iran’s central joint navy command headquarters, warned Wednesday to “get ready for the oil barrel to be at $200 because the oil price depends on the regional security, which you have destabilized.”

U.S. Energy Secretary Chris Wright, however, disregarded those threats, saying it was unlikely for oil costs to hit that mark.

“I would say unlikely, but we are focused on the military operation and solving a problem,” Wright said on Thursday.

Amid the current threats, international locations in the G7 convention— Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—held a assembly on Monday to probably release hundreds of thousands of barrels of emergency oil if the blockage prolongates.

“We discussed the current conflict in the Middle East, its impact on regional stability, global economic conditions, and financial markets, and the importance of secure trading routes,” the alliance said in a assertion.

“We will continue to closely monitor the situation and developments in the energy markets and will meet as needed to exchange information and to coordinate within the G7 and with international partners,” the assertion continued. “We stand ready to take necessary measures, including to support global supply of energy such as stockpile release.”

However, Roland Lescure, France’s finance minister, said the international locations weren’t agreeing “yet” on whether or not to release the emergency oil.

“What we’ve agreed upon is to use any necessary tools, if need be, to stabilize the market, including the potential release of necessary stockpiles,” Lescure said.

President Donald Trump also sounded skeptical on Monday about releasing stockpiles, insisting that the alliance’s precedence was conserving oil costs down.

“We’re looking to keep the oil prices down. We went artificially up because of this excursion,” he said at a press convention. “I knew oil prices would go up if I did this, and they’ve gone up, probably less than I thought they’d go up.”

Oil costs have elevated to new highs since 2022 when Russia’s invasion of Ukraine drove up oil costs. In that occasion, the G7 international locations coordinated for the release of 240 million barrels from their own reserves. Interestingly, while G7 nations said the transfer partially lowered fuel costs at the time, a July 2022 U.S. Treasury Department report discovered it lowered costs by only 17 cents to 42 cents per gallon.