Former President Donald Trump has reversed his stance on oil prices, now saying "we make a lot of money" from higher energy costs amid the ongoing Iran conflict. Trump previously criticized rising gas prices during his campaign, but has shifted messaging as crude prices climb due to Middle East tensions. The conflict with Iran has now entered its second week, with escalating attacks affecting global oil markets.
The Iran crisis has intensified pressure on global energy supplies, with ship attacks reported in the Gulf and continued strikes between Israel and Iranian-backed forces. Iran's control over the Strait of Hormuz, a critical chokepoint for global oil trade, has created uncertainty about tanker passages. The International Energy Agency has announced plans to release strategic oil reserves to stabilize markets.
Polling data shows 48% of Americans blame Trump for high gas prices, more than any other factor cited in surveys. Oil prices have experienced volatility despite Trump's recent decision to lift some Russia sanctions. The energy market remains sensitive to developments in the Middle East conflict, with traders closely monitoring shipping disruptions in key waterways.
The messaging shift reflects political calculations as energy costs become a central economic issue. Lawmakers from both parties have criticized Trump's changing position on oil prices, questioning the consistency of his energy policy approach. The ongoing Iran conflict continues to create uncertainty for global energy markets and consumer prices.