U.S. President Donald Trump on Thursday said stopping Iran from acquiring nuclear weapons was a higher priority than rising oil prices, as global markets reacted to escalating attacks on energy infrastructure in the Gulf.
In a post on the social media platform Truth Social, Trump said the United States would not allow Iran to become a nuclear power. “The United States is the largest oil producer in the world, so when oil prices go up, we make a lot of money,” he wrote, adding that his administration’s main focus was preventing what he described as an “evil empire” from threatening regional and global security.
"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. BUT, of far greater interest and importance to me, as President, is stoping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East… pic.twitter.com/PQbFSBcWje
— The White House (@WhiteHouse) March 12, 2026
Oil prices briefly surged above $100 per barrel on Thursday after Iranian-linked attacks targeted shipping and energy infrastructure in the Gulf. Several vessels were reportedly struck near the Strait of Hormuz, a vital passage through which a significant share of the world’s oil and gas exports pass.
The developments came shortly after Mojtaba Khamenei issued his first statement since assuming leadership in Iran. He warned that Tehran could close the Strait of Hormuz to increase pressure on its adversaries and vowed continued retaliation for recent military strikes. Khamenei also said Iran would keep targeting U.S. bases in Gulf nations if hostilities continued.
The conflict has already disrupted global energy markets. Gulf states have reduced production and tanker movements in the region have slowed, pushing benchmark oil prices up by 40–50% since U.S. and Israeli military strikes against Iran began on February 28.
In response to rising prices, the U.S. government announced plans to release 172 million barrels from the Strategic Petroleum Reserve to stabilise supply. Despite this, analysts warn that continued attacks on shipping and energy facilities could trigger one of the largest supply disruptions in modern energy markets.
The escalating conflict has also raised fears of inflation as fuel costs rise globally, with average gasoline prices in the United States reaching around $3.60 per gallon.
While tensions continue to rise, Trump indicated that military operations against Iran would not end immediately, saying the campaign aimed to eliminate the country’s offensive capabilities.
