Trump Says Oil Price Rise from War Is Only a Minor Issue

Military conflict initiated by the United States and Israel against Iran has driven global oil prices to unprecedented levels. However, US President Donald Trump has characterised this as a minor concern.

On 28 February, the US and Israel launched military strikes against Iran, resulting in the death of Supreme Leader Ayatollah Ali Khamenei. Iran responded immediately by launching drones and missiles at US military bases and facilities across the Middle East, including in Qatar, Iraq, Bahrain, and Saudi Arabia, as well as striking Israeli targets.

The ongoing mutual attacks between the US-Israeli coalition and Iran have created significant disruptions in global energy supplies. Oil tankers have ceased transiting the Strait of Hormuz, a critical global shipping lane for petroleum. This blockade has caused major oil-producing nations—including Kuwait and the United Arab Emirates—to reduce production as their storage facilities rapidly fill. Iraq has also begun halting its production.

Global crude oil prices have surged above USD 100 per barrel in response to the supply disruption. Trump, however, has dismissed these increases as short-term market movements and described them as “a very small price to pay.”

In a statement via Truth Social on Monday, 9 March, Trump stated that oil prices would decline rapidly “once the elimination of Iran’s nuclear threat ends.” He characterised the short-term oil price volatility as “a very small price to pay for the US, the world, and for security and peace,” adding: “ONLY FOOLS WOULD THINK DIFFERENTLY.”

On Saturday, 7 March, Trump indicated that the US would consider military operations against previously undesignated targets and groups within Iran, following Iranian President Masoud Pezeshkian’s declaration that Iran would not surrender.

Iran has since named Mojtaba Khamenei, son of the deceased Supreme Leader, as his successor. The Iranian Revolutionary Guards have pledged loyalty to the new supreme leader.