US President Donald Trump has again changed his message on rising energy prices, portraying higher oil costs as beneficial even as the conflict with Iran disrupts global markets. The change in tone comes as the administration struggles to outline a clear strategy to reopen the vital Strait of Hormuz, where oil and gas tankers remain stranded amid rising tensions.
In a post on his social media platform Truth Social on Thursday, Trump said the United States benefits when oil prices rise because of its large production capacity. “The United States is by far the largest oil producer in the world, so when oil prices rise, we make a lot of money,” he wrote.
Just a few weeks earlier, during his State of the Union address, Trump had highlighted low gasoline prices, noting that they stood at $2.30 per gallon. Since then, prices have increased more than 50%, reaching a national average of $3.60 per gallon, according to AAA data.
He even said: “Short-term oil prices, which will fall rapidly when the destruction of Iran’s nuclear threat ends, is a very small price to pay for the security and peace of the United States and the world. Only fools would think otherwise.”
Trump had previously argued that high fuel prices helped him defeat former President Joe Biden, although he later said he is not worried that the current price increase will affect voters or pressure him to end the conflict early.
Impact of rising oil prices
Analysts warned that a sustained rise in oil prices could hurt the broader economy. As tensions in the Middle East continue to rise, Goldman Sachs has updated its projections for global oil prices.
According to a Reuters report, analysts at the investment bank now expect Brent crude to average $71 per barrel in the final quarter of the year. West Texas Intermediate (WTI) is forecast to average $67 per barrel over the same period.
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The revised estimates mark an increase from the bank’s previous outlook, which had projected Brent crude at $66 per barrel and WTI at $62 per barrel in the final quarter of 2026. Currently, oil prices remain significantly higher than those forecasts. Brent crude oil was trading at $100.36 per barrel, while WTI was priced higher than $95.32 per barrel on Friday morning.
Oil markets have been highly volatile as the world reacts to Trump’s remarks and the ongoing disruption in the Strait of Hormuz, a key shipping route through which a fifth of the world’s oil transits.
‘We made a lot of money’: Trump celebrates rising oil prices during Iran crisis | World news
3 minutes of readingMarch 13, 2026 08:00 am IST
US President Donald Trump has again changed his message on rising energy prices, portraying higher oil costs as beneficial even as the conflict with Iran disrupts global markets. The change in tone comes as the administration struggles to outline a clear strategy to reopen the vital Strait of Hormuz, where oil and gas tankers remain stranded amid rising tensions.
In a post on his social media platform Truth Social on Thursday, Trump said the United States benefits when oil prices rise because of its large production capacity. “The United States is by far the largest oil producer in the world, so when oil prices rise, we make a lot of money,” he wrote.
Just a few weeks earlier, during his State of the Union address, Trump had highlighted low gasoline prices, noting that they stood at $2.30 per gallon. Since then, prices have increased more than 50%, reaching a national average of $3.60 per gallon, according to AAA data.
He even said: “Short-term oil prices, which will fall rapidly when the destruction of Iran’s nuclear threat ends, is a very small price to pay for the security and peace of the United States and the world. Only fools would think otherwise.”
Trump had previously argued that high fuel prices helped him defeat former President Joe Biden, although he later said he is not worried that the current price increase will affect voters or pressure him to end the conflict early.
Impact of rising oil prices
Analysts warned that a sustained rise in oil prices could hurt the broader economy. As tensions in the Middle East continue to rise, Goldman Sachs has updated its projections for global oil prices.
According to a Reuters report, analysts at the investment bank now expect Brent crude to average $71 per barrel in the final quarter of the year. West Texas Intermediate (WTI) is forecast to average $67 per barrel over the same period.
Story continues below this ad.
The revised estimates mark an increase from the bank’s previous outlook, which had projected Brent crude at $66 per barrel and WTI at $62 per barrel in the final quarter of 2026. Currently, oil prices remain significantly higher than those forecasts. Brent crude oil was trading at $100.36 per barrel, while WTI was priced higher than $95.32 per barrel on Friday morning.
Oil markets have been highly volatile as the world reacts to Trump’s remarks and the ongoing disruption in the Strait of Hormuz, a key shipping route through which a fifth of the world’s oil transits.
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