Trump Claims US Will Profit From Rising Oil Prices, Iran's Nuke Reply

Iran's Foreign Minister Abbas Araghchi has claimed that during talks mediated by Oman with the United States, Tehran had proposed to seize any plan to develop nuclear weapons, but Washington turned it down, as the US officials were unable to "grasp the technical details". Araghchi's remarks came after US President Donald Trump claimed his administration's primary objective of starting a war with Iran was to stop Tehran from having nuclear weapons, as he pivoted from a focus on keeping energy prices low.

Since starting a war with Iran caused oil and gasoline prices to spike, Trump's team struggled to offer a clear plan for opening up the critical Strait of Hormuz so that tankers full of oil and natural gas were no longer stranded. 

What Iran Said

Araghchi on Friday referred to the third round of negotiations between the United States and Iran held in Geneva on February 26 and claimed Tehran had offered to ensure it would not develop nuclear weapons, but Washington dismissed the plan and went ahead to strike Iran with Israeli support. 

"Iran's proposal to ensure NO NUCLEAR WEAPONS was dismissed because US counterparts didn't grasp the technical details," he wrote in a post on X, stating that 'factual knowledge matters'.

"Americans won't "make money" from surging oil prices and tariffs. They enrich corporations and crush households," he added.

After the third round of talks between Tehran and Washington, it was reported that the US had demanded the dismantling of three key nuclear facilities in Iran and the handover of enriched uranium, but Tehran had refused to reduce its uranium enrichment to zero. However, Iranian media reported that Tehran has reiterated it has no plans to build a nuclear weapon and its uranium enrichment is for energy production. 

Trump's Remarks 

President Trump has pivoted from a focus on keeping energy prices low to trying to paint high oil prices as a positive, as he claims his administration's priority is to stop Iran from having nuclear weapons. In a social media post, Trump said that the United States is currently the world's leading oil producer and stands to benefit financially from higher crude prices, emphasising that his administration's overriding mission remains the permanent dismantling of Iran's nuclear programme.

"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," he wrote on his social media site.

"BUT, of far 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," he added.

It was only last month, in his State of the Union address, that Trump had bragged about gas prices at $2.30 a gallon, a figure that has since soared more than 50 per cent to a national average of $3.60 a gallon, according to AAA.

The flip-flop shows Trump's political interests at home are suddenly at odds with his desire to flex America's muscles on the global stage. It comes at a precarious time for Trump's party, ahead of the November midterm elections. 

Trump has said that high gas prices helped him defeat his predecessor, Joe Biden. But he told reporters on Saturday that he had no worries about the rising costs that could influence voters this year and create pressure for him to end the conflict prematurely.

The investment bank Goldman Sachs on Thursday said that based on its forecasts and historic experience, higher oil prices would cause inflation to be higher, growth to be slower and the unemployment rate to increase by the end of the year.

Normally, about 20 million barrels of oil pass through the Strait of Hormuz each day, but most tankers are now avoiding it. Benchmark oil prices have swung violently with the uncertainty, and on Thursday the global crude oil benchmark price jumped to $100 a barrel.