At a White House event, President Trump links oil price surge to rising tensions with Iran and insists inflation remains under control.
WASHINGTON, June 13: U.S. President Donald Trump voiced his frustration on Thursday over the recent rise in oil prices, blaming concerns surrounding potential conflict in the Middle East for the spike. Speaking from the White House, Trump stressed that while prices had climbed, he expected a correction soon due to his administration’s handling of inflation.
U.S. President Donald Trump expressed concern on Thursday that oil prices have spiked in recent days due to mounting geopolitical tensions in the Middle East, particularly as the U.S. prepares for high-stakes talks with Iran over its nuclear program.
“I don’t like — the oil prices have gone up just a little bit over the last few days,” Trump said during a public event at the White House. “It’s gonna keep going down a little bit, right? Because we have inflation under control.”
His remarks came a day after global and U.S. crude oil prices surged over 4%, reaching their highest levels since early April. The rally was triggered in part by reports that the U.S. is relocating personnel from the Middle East ahead of a scheduled diplomatic meeting with Iran this coming Sunday.
Trump confirmed the troop movement, stating, “We’re moving personnel because the Middle East could be a dangerous place.” He added emphatically that the United States will not allow Iran to develop a nuclear weapon, reiterating a longstanding policy of deterrence.
Iran, for its part, has maintained that its nuclear program is intended for peaceful purposes, though Western allies remain skeptical given Iran’s past violations of international agreements.
The increased tensions with Iran have reignited fears of possible disruptions to oil supply routes, particularly through the Strait of Hormuz, a critical shipping chokepoint for global energy flows. This volatility is likely to weigh on markets in the days leading up to the U.S.-Iran talks.
Despite the upward pressure on energy markets, Trump attempted to reassure Americans that inflation was under control, citing strong domestic energy production and economic policies that he believes will keep prices in check.
The talks with Iran, scheduled for Sunday, will be closely monitored not only for their diplomatic implications but also for their potential to affect global energy markets, investor confidence, and the broader economic outlook.