Trump’s ‘favorite thing’ is Iranian oil
A satellite image shows an oil terminal on Iran’s Kharg Island, February 25, 2026.
2026 Planet Laboratories Pbc | via Reuters
Hello, I’m Leonie Kidd writing to you from London. Welcome to another edition of CNBC’s Daily Open.
Sometimes two things can be true at the same time. However, US President Donald Trump’s statement that he wanted to “buy Iranian oil” and his statement that “a peace agreement could be made quite quickly” caused the markets to see the glass half empty in early trading this Monday.
The reinforcement of U.S. troops for a potential ground offensive also stirs news that face-to-face talks could be days away. A confusing picture for investors who generally preferred to avoid risk at the beginning of the week.
What you need to know today
“My favorite thing is to buy oil in Iran.” So says US President Donald Trump as he outlines a possible escalation in the war with Iran that could require seizing Kharg Island, Iran’s energy export hub. In the comments Finance Times He compared the action in Iran on Sunday to the US military operation in Venezuela, but added that indirect talks with Iran were progressing and “a deal could be made pretty quickly.”
These comments come as the Pentagon is reportedly preparing for weeks of ground operations in Iran. Thousands of American soldiers and marines are arriving in the Middle East Washington PostHe cited US officials.
Together, the reports point to a possible escalation in the Iran war; The effects of this war had already shaken markets, raising fears of wider supply chain disruptions and higher global prices.
Oil prices are on the rise once again. On Monday, Yemen’s Iran-backed Houthis fired missiles at Israel after a weekend of attacks, marking the first direct intervention in the war.
Asia-Pacific markets fell sharply on Monday as the Middle East war entered its fifth week and the conflict escalated despite efforts to find a diplomatic solution. European and US futures point to a negative open in major markets.
British Prime Minister Keir Starmer will hold a roundtable with ministers and senior business figures later on Monday. Times representatives from energy groups blood pressure, Shell and shipping giant Maersk will participate.
Industry leaders also say the Strait of Hormuz, a vital shipping route currently disrupted by war, must reopen by mid-April or supply disruptions could worsen significantly.
In the face of this uncertainty, companies and other organizations are preparing for a world in which conflict and the subsequent jolt in crude oil prices become a long-term problem affecting everything from travel planning to mail delivery.
—Leonie Kidd
