Trump Comments on Oil Tanker Arrivals Amid Rising Prices
President Donald Trump announced that numerous empty oil tankers from various countries are on their way to the United States for loading.
“The world’s largest, completely empty oil tanker is now heading to the US to load the best and ‘sweetest’ oil (and gas!) anywhere in the world!” Trump shared on Truth Social on Saturday morning. He also mentioned, “Our oil reserves are greater than the next two largest oil economies combined.”
These remarks come as oil and gas prices have surged amid the ongoing conflict with Iran that started on February 28. This conflict is part of a US-led operation known as “Operation Epic Fury,” which aims to dismantle Iran’s nuclear capabilities.
Since the conflict began, the Strait of Hormuz has seen significantly diminished traffic. This waterway is crucial, accounting for about 20% of the world’s oil and liquefied natural gas transport, so its closure has caused major disruptions globally.
Trump asserted that efforts are underway to clear mines in the strait, deeming them a form of extortion by Iran. In a conversation with Maria Bartiromo, he mentioned that other nations, including Britain, are also contributing minesweepers to assist with this operation.
He announced that the United States would implement a blockade in the waterway.
“Effective immediately, the United States Navy, the world’s greatest navy, will begin the process of blockading any vessels attempting to enter or exit the Strait of Hormuz,” Trump stated on Truth Social.
He instructed the navy to “search for and interdict” any vessels that could cause harm to Iran while in international waters.
“Those who pay illegal tolls will no longer be able to safely navigate the high seas,” he added.
U.S. Central Command announced that the blockade of Iranian ports would start at 10 a.m. Eastern Time, but clarified that “freedom of navigation of ships passing through the Strait of Hormuz to and from non-Iranian ports” would not be hindered.
Following the announcement, oil and gas prices have increased, with crude oil priced at around $105 per barrel as of Sunday. This rise comes after prices dipped below $95 per barrel following a ceasefire announcement between the two nations. Pre-conflict prices had been below $70 per barrel.
Gasoline prices have also remained elevated, with the national average exceeding $4.10 per gallon, and California reporting some of the highest prices at nearly $6 per gallon.
In his interview with Bartiromo, Trump expressed optimism that oil and gas prices would eventually decrease, although he cautioned that it might not happen immediately.
He noted that the U.S. doesn’t rely heavily on oil from the Strait of Hormuz and criticized allied nations that depend on it for not supporting reopening efforts.
This announcement followed discussions in Islamabad that failed to achieve a permanent agreement with Iran over the weekend. Vice President J.D. Vance pointed out that a major sticking point is the lack of Iranian commitment to avoid pursuing nuclear weapons in the future.
