Overview
- President Trump wrote that the United States, as the largest oil producer, makes a lot of money when oil prices rise.
- Oil executives and trade groups expressed concern that the message reinforces perceptions of profiteering and noted that volatility complicates long‑term planning.
- Brent crude hovered near $95 per barrel after a roughly 40% run‑up since fighting began, and average U.S. gasoline prices climbed about 60 cents per gallon.
- A White House spokesperson said prices should decline after military objectives are achieved in Iran and said the administration is working with industry to stabilize markets.
- Reporting describes severely limited traffic through the Strait of Hormuz, emerging shortages in some countries, and a U.S. move allowing other nations to source Russian oil as a relief measure.