Trump says U.S. will ‘make a lot of money’ from higher oil prices

President Trump said Thursday there is an upside to rising oil prices as a result of the war against Iran — the U.S. will make money as a major producer.

Mr. Trump, posting on Truth Social, was responding to oil prices that flirted with $100 per barrel as Tehran clamped down on tanker traffic through the Strait of Hormuz, where about 20% of the world’s oil supply transits.

“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,” Mr. Trump posted.

Mr. Trump weighed in as Iran’s new supreme leader, Ayatollah Mojtaba Khameini, said Iran would continue to use the Strait of Hormuz as a “tool to pressure the enemy.”

The Iranian leader also said attacks on oil-rich Persian Gulf nations would continue.

Mr. Trump’s post on Thursday attempted to put a positive spin on the rapid rise in oil prices as global supply dwindles. At the same time, Mr. Trump has said the increase in oil prices is a natural byproduct of the war that will ease soon.

Prices are “gonna come down more than anyone understands,” he said Wednesday during a visit to Ohio.

The national average price for a gallon of gas reached $3.60 on Thursday, an increase of 22% from a month ago, according to the AAA motor club.

Mr. Trump said he is focused on thwarting the Iranian regime from developing nuclear weapons or supporting terror groups in the Middle East.

Pivoting from oil prices, he wrote that “of 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.