The president of the United States, Donald Trumphas once again justified this Thursday the joint American and Israeli military attack against Iran. In a publication on the social network, Truth Social, he has assured that with the rise in oil prices —caused by interruption of flow in the Strait of Hormuz— The United States “will make a lot of money” and has insisted that his priority is to end the Iranian nuclear program.
“The United States is by far the largest oil producer in the world, so when oil prices go up, we make a lot of money. But of much more interest and importance to me as President is stopping an evil Empire, Iran, from getting nuclear weapons and destroying the Middle East and indeed the world. I will never let that happen,” his post reads.
What happens in the Strait of Hormuz?
It is a canal that connects the south of Oman with the north of Iran and is the main energy infrastructure in the world through which one passes fifth part of the oil and gas market that supplies global markets.
The new Iranian leader, Mojtaba Khamenei – son of Ayatollah Ali Khamenei, who died in the bombings – assured this Thursday in his first message that the Iranian blockade in the strait will continue and promised to “avenge the blood” of the dead Iranians.
“By now they must have realized that the United States’ claim to establish security and peace was nothing more than a lie,” he added. He also urged neighboring countries to close US military bases that he says Iran will attack.
The conflict has already shaken energy markets around the world. The price of barrel of Brent oil exceeded the $100 barrier for the first time since 2022: rose to $101.59 this Thursdaywhile the West Texas Intermediate was listed at $96 per barrel, following reports of attacks on two tankers near Iraq.
Since the attacks began on February 28, the flow through the Strait of Hormuz reduced by 10% which translates into a loss in the market equivalent to 10 million barrels per dayas reported this Thursday by the International Energy Agency (EIA, for its acronym in English).
Does rising oil prices really benefit the United States?
Currently, the United States is the largest oil producer in the world. The EIA updated national production projections for this year with around 500,000 more barrels compared to the previous projection (made in February) due to the increase in the price of crude oil.
However, the benefit is not homogeneously transfers to American consumerswho have seen gasoline prices rise by more than 10% over the last week, according to the agency EFE.
At the same time, Trump has maintained his efforts to frame the war with Iran as something “necessary to protect” the country “and to the world.” He has said that this increase is a small price to pay and that military operations against the Islamic Republic will end soon.
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