Trump on rising oil prices: ‘US makes money when oil prices go up, but stopping Iran’s nuclear ambitions top priority’
Meanwhile, Bloomberg has reported that the Trump administration is set to suspend Jones Act to tame oil prices.
United States President Donald Trump said on Thursday, March 12, that while America makes a lot of money when the oil prices go up since it was the largest oil producer in the world, the top priority remains stopping “evil” Iran's nuclear ambitions than controlling oil prices.
“I won't ever let that happen,” Donald Trump said.
In a post on Truth Social, the United States president said, “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 stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World.”
Meanwhile, Bloomberg has reported that the Trump administration is set to suspend Jones Act to tame oil prices.
According to the reports, the maritime law requires American-built ships to be used to transport goods between US ports as part of its effort to stop surging oil prices, according to people familiar with the matter.
According to reports, maritime law requires goods moving between the US ports to be transported on American-built ships, a measure aimed at curbing rising oil prices, sources familiar with the matter said.
Oil has gained 9 per cent as Iran stepped up attacks on oil and transport facilities across the Middle East. The prices rose after Iran's new Supreme Leader Mojtaba Khamenei said that the closure of vital Strait of Hormuz must continue.
According to Reuters, Brent futures extended gains to climb up $8.05, or 8.8% to $100.03 at 10:25 a.m. ET (8:55 PM IST), while US West Texas Intermediate crude climbed $8, or 9.2% to $95.25.
Prices of both contracts were trending higher after US Energy Secretary Chris Wright told CNBC that the Navy cannot escort ships through the Strait of Hormuz now but it was "quite likely" that could happen by the end of the month. However, global oil prices are unlikely to hit $200 a barrel, he said, even Iran if continued to strike merchant ships.
Mojtaba Khamenei was elected the Supreme Leader a while ago, but today he made the first address to the nation.
In his address, Khamenei said the Strait of Hormuz should remain closed – fueling disruption in the supply through the key oil chokepoint. He also said that the country would also avenge the attack on the girls' elementary school that killed dozens.
(With agency inputs)
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