Oil prices surged more than 9% to around $100 per barrel amid escalating conflict involving the U.S., Israel, and Iran, with disruptions centered around the Strait of Hormuz—one of the world’s most critical oil shipping routes. Tanker incidents in Iraq and the strait’s closure have left dozens of oil ships stranded, fueling concerns about global supply.
U.S. President Donald Trump said the United States could benefit financially from higher oil prices because it is the world’s largest oil producer. In a social media post, he wrote that when prices rise, “we make a lot of money,” though he added that preventing Iran from obtaining nuclear weapons remains the greater priority.
The remarks quickly drew criticism from several Democratic lawmakers. Senator Mark Kelly of Arizona said working Americans are being hurt by the war and rising gasoline prices, arguing that major oil companies are the main beneficiaries of the surge.
Gasoline prices in the U.S. have continued to climb nearly two weeks into the conflict, even after the International Energy Agency and more than 30 countries announced a release of 400 million barrels of oil from global reserves to stabilize markets.
The White House says the price spike is likely temporary and tied to short-term disruptions. Officials are considering measures such as temporarily waiving the Jones Act shipping rules to allow foreign vessels to transport fuel between U.S. ports, which could help ease supply constraints.
Energy Secretary Chris Wright said oil reaching $200 per barrel is “unlikely,” though he acknowledged the market faces significant short-term disruption while the conflict continues.
Analysts warn that the closure of the Strait of Hormuz—through which a large share of global oil exports normally passes—could keep prices elevated if the situation drags on.
Source: Reuters
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