United States President Donald Trump said on Thursday (March 12) that while America makes a lot of money when oil prices rise because it was the world’s largest oil producer, stopping Iran’s “evil” nuclear ambitions remains a top priority over controlling oil prices.
“I will never allow it,” said Donald Trump.
In a post on Truth Social, the President of the United States said, “The United States is by far the largest producer of oil in the world, so when oil prices go up, we make a lot of money. BUT of far greater concern and importance to me as president is to stop the evil empire, Iran, from having nuclear weapons and destroying the Middle East and indeed the world.”
Meanwhile, Bloomberg reported that the Trump administration is poised to suspend the Jones Act to tame oil prices.
The maritime law reportedly requires U.S.-made ships to be used to transport goods between U.S. ports as part of its effort to stem a spike in oil prices, according to people familiar with the matter.
According to reports, maritime law requires goods moving between US ports to be carried on US-made ships, a measure aimed at curbing rising oil prices, sources familiar with the matter said.
Oil gained 9 percent as Iran stepped up attacks on oil and transportation facilities in the Middle East. Prices rose after Iran’s new Supreme Leader Mojtaba Khamenei said the closure of the vital Strait of Hormuz must go ahead.
Brent futures added $8.05, or 8.8%, to $100.03 at 10:25 ET (20:55 IST), while U.S. West Texas Intermediate crude climbed $8, or 9.2%, to $95.25, according to Reuters.
Prices for both contracts rose after US Energy Secretary Chris Wright told CNBC that the Navy could not now escort ships through the Strait of Hormuz, but it was “quite likely” that could happen by the end of the month. But world oil prices are unlikely to reach $200 a barrel, he said, even if Iran continues to attack merchant ships.
Mojtaba Khamenei was elected supreme leader a while ago, but today he made his first speech to the nation.
In his speech, Khamenei said the Strait of Hormuz should remain closed, fueling supply disruptions through the key oil choke. He also said the country would also avenge the attack on the girls’ primary school that left dozens dead.
