Trump: 'When oil prices go up, we make a lot of money'

U.S. President Donald Trump said on Thursday (March 12) that rising oil prices mean greater profits for the United States, but his priority is stopping Iran from having nuclear weapons.

"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. BUT, of far greater interest and importance to me, as President, is stoping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World," he posted on his social media platform Truth Social.

Trump's post comes as Iran's new Supreme Leader Mojtaba Khamenei said on Thursday in a statement read out on state television that the Strait of Hormuz should remain closed. The strait, which runs past Iran's coast and supplies a fifth of the world's oil, should remain shut to put pressure on the enemy, he said. Oil prices soared back above $100 a barrel, having come down earlier in the week when Trump said the war would be over soon. Iran has said it will not let oil through the Strait of Hormuz until U.S. and Israeli attacks cease.

Production: Kristin Neubauer/Reuters