Trump Defends Oil Price Surge Amidst Escalating Iran Conflict
As the U.S.-Israeli conflict with Iran intensifies, entering its tenth day on March 13, 2026, President Donald Trump has defended rising oil prices, stating that increased prices benefit the United States as the world’s largest oil producer. This stance has drawn criticism, with some arguing that higher oil prices disproportionately impact American consumers.
Rising Oil Prices and the U.S.-Iran Conflict
The conflict, sparked by U.S. And Israeli strikes on Iran, has led to significant disruptions in the global oil trade, particularly affecting the Strait of Hormuz. Benchmark oil prices briefly surpassed $100 a barrel on March 10, 2026, reaching levels not seen since 2022, though they remain elevated compared to pre-conflict prices [CBS News].
Trump’s Response and Criticism
Responding to concerns about rising gas prices, Trump asserted on his Truth Social platform that the U.S. “makes a lot of money” when oil prices increase, given its position as the leading oil producer. This statement prompted a response from Jimmy Kimmel, who highlighted the discrepancy between Trump’s current position and his past campaign promises to lower gas prices to under $2 a gallon [Reuters].
Leadership Transition in Iran
Amidst the conflict, Iran has selected Mojtaba Khamenei, the son of the late Supreme Leader Ayatollah Ali Khamenei, as the new Supreme Leader. However, Trump has indicated he does not support this selection [BBC News]. Mojtaba Khamenei’s appointment has been met with public celebrations in Iran, despite being viewed by some analysts as stepping into a “highest risk job” [CBS News].
Escalation of Conflict and Israeli Actions
The conflict continues to escalate, with Israel striking Lebanon in retaliation for Iranian actions. Israeli Prime Minister Benjamin Netanyahu has warned that the military offensive against Iran is “not done yet,” stating the operation aims to weaken Iran’s clerical leadership [CBS News]. As of March 10, 2026, the death toll in Lebanon from Israel’s assault neared 400, and the U.S. Military had reported its seventh fatality related to the war [CBS News].
Potential for Further Intervention
President Trump has also suggested considering taking control of the Strait of Hormuz, a critical waterway for global oil transport, should Iran attempt to disrupt oil supplies. He warned that Iran would face “much, much harder” consequences if it were to block the oil supply [CBS News].