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U.S. President Donald Trump stated on Thursday that rising oil prices mean greater profits for the United States but said his main priority is stopping Iran from obtaining nuclear weapons.
Trump wrote on Truth Social, "The United States is the largest oil producer in the world, by far, so when oil prices go up, we make a lot of money."
He added, "BUT, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran, from having nuclear weapons and destroying the Middle East and, indeed, the World."
Trump also said, "I won’t ever let that happen!"
The comments came as Trump sought to play down rising oil prices and market volatility tied to the conflict with Iran.
Trump’s comments came as the International Energy Agency (IEA) warned the world could be facing the "largest supply disruption in the history of the global oil market" amid intensifying Iranian attacks on shipping routes.
U.S. Energy Secretary Chris Wright told CNBC on Thursday that the U.S. military is currently "not ready" to escort tankers through the Strait of Hormuz because military assets are focused on striking Iran.
Wright said, "It’ll happen relatively soon, but it can’t happen now. We’re simply not ready."
"All of our military assets right now are focused on destroying Iran’s offensive capabilities and the manufacturing industry that supplies their offensive capabilities," he added.
Wright also told CNBC such escorts were "quite likely" by the end of the month.
An attack on two oil tankers off Iraq killed at least one person, and oil prices briefly rose above $100. The Strait of Hormuz, through which 20% of the world’s crude supply passes, was effectively shut down.
International Energy Agency member countries agreed Wednesday to release 400 million barrels of oil from their reserves, described as their largest release ever.
Wright also told CNN that he believed markets were "very well supplied with oil right now" and that short-term pricing was "based on psychology more than flows of oil."
The United States eased sanctions on some Russian at-sea oil, including a temporary waiver allowing India to buy it to address supply issues caused by the war.
Wright said, "Russia is not getting sanctions relief. All of that oil is oil on the water that’s waiting in line to unload into China."
He also described the waiver as a "pragmatic solution" in the current crisis.
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