Washington: President Donald Trump signalled his approval of surging global oil prices on Thursday, asserting that the UnitedStates is uniquely positioned to profit from the market volatility.
Writing on his Truth Social platform, Trump noted that the US is the world's largest oil producer.
While Trump campaigned on a promise to lower domestic energy costs, he leaned into the economic benefits of the spike, stating, "When oil prices go up, we make a lot of money."
Despite the optimistic outlook, Trump is facing growing pressure as petrol prices in the country reach their highest levels since mid-2024 as a consequence of the war the US and Israel launched against Iran.
Meanwhile, Energy Secretary Chris Wright said the United States is not yet able to escort tankers through the Strait of Hormuz, one of the world's most important routes for global oil exports.
The US Navy will likely be able to provide such escorts soon, but it is not possible at the moment, Wright told broadcaster CNBC onThursday. "We're simply not ready," he said.
"All of our military assets right now are focused on destroyingIran's offensive capability and manufacturing industry that supplies their offensive capabilities," he said.
The roughly 55-kilometre-wide waterway between Iran and Oman is a critical choke point for global energy supplies. Shipping through the strait has almost totally collapsed due to the danger of Iran's retaliatory attacks.
Trump has offered to use the US Navy to help secure shipping through the Strait of Hormuz if necessary, an apparent effort by his administration to reassure rattled energy markets.
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