Trump says US profits from oil price surge, as war on Iran drives prices higher

US President Donald Trump has said the US stands to gain financially from rising oil prices triggered by the war with Iran, drawing criticism from some lawmakers.

Oil prices climbed more than nine percent to around $100 a barrel as the conflict escalated. Reports said two crude tankers caught fire at an Iraqi port after suspected Iranian explosive boats struck them, while dozens of oil-laden ships remained stranded as the Strait of Hormuz stayed shut.

Posting on social media, Trump wrote: “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.”

His remarks prompted backlash from Democrats, who argue the war is already pushing up fuel costs for ordinary Americans.

Mark Kelly, a Democratic senator from Arizona, responded on X: “The only ones benefiting from gas prices skyrocketing are the big oil companies,” he wrote. “But it makes sense why Trump is happy about it because he's only ever cared about rich people.”