US President Donald Trump on Monday refused to rule out prospects of acquiring Iran’s oil reserves as his country pressed ahead with its military campaign against Tehran.
He told NBC News that he was unwilling to discuss whether he would like the US to take control of Iranian oil, but asserted that “certainly people have talked about it.”
Trump also mentioned Venezuela, where a large-scale US military operation toppled Nicols Maduro’s regime earlier this year. Since then, the Trump administration has acted to secure and exploit Venezuelan crude.
“You look at Venezuela,” the US President told NBC News. “People have thought about it, but it’s too soon to talk about that,” he added. Trump, last month, had said that the US has received over 80 million barrels of oil from its “new friend and partner”, Venezuela.
TRUMP’S BID TO TAME OIL PRICES
The statement came as fallout from the ongoing armed conflict in the Middle East sent global crude prices soaring past USD 110 per barrel, with fears of prolonged supply disruptions through the Strait of Hormuz, one of the world’s most important oil transit routes.
The sharp rally marks the biggest jump in global oil prices since mid-2022, briefly touching USD 119 a barrel. According to sources cited by news agency Reuters, Trump may soon review a set of options to control oil prices in the US.
The effort reflects White House worries that the steep rise in oil prices will hurt US businesses and consumers ahead of the November midterm elections, when the leader’s fellow Republicans are hoping to retain control of Congress.
US officials in Washington have been deliberating with counterparts from the Group of Seven (G7) major economies about a possible joint release of crude oil from strategic reserves as one of several measures currently under discussion, the sources said.
Trump administration officials are also pressurising Gulf allies diplomatically to help restore production and shipping of oil, a third source told Reuters.
Analysts have asserted that Washington’s policy options will have little sway over global oil markets as long as the armed hostilities block Middle East oil exports accounting for nearly 20 per cent of global supply through the Strait of Hormuz.
“The White House is in constant coordination with the relevant agencies on this important issue, as it is a top priority to the president. President Trump and his entire energy team have had a strong game plan to keep the energy markets stable well before Operation Epic Fury began, and they will continue to review all credible options,” White House spokesperson Taylor Rogers said in a statement.
In a post on Truth Social on Sunday, Trump downplayed the price spike, saying the surge will last temporarily and “is a very small price to pay for U.S.A.”
(With inputs from Reuters)
