‘Unfortunately, the American people would like to see us come home’
In a day filled with dozens of threats and escalating rhetoric against Iran, President Trump took a significant step back on an issue important to energy markets: the U.S. campaign to control Iranian oil.
“I want to take the oil because it’s there for the taking,” the president told reporters at the White House Easter egg roll. “Unfortunately, the American people want us to come home.”
The president said repeatedly Monday that he wanted to buy the oil himself. “We’ll make a lot of money,” he said
But the president has repeatedly acknowledged that the political will for such a move may not exist and that it would likely require a ground operation, saying: “I don’t think the people of the United States will really understand.”
While describing the operation in Venezuela in which the USA received some of the revenue from oil, Trump said, “I am a businessman first and foremost.” He expressed nostalgia for earlier eras when “the spoils belonged to the winner.”
Read more: What could an extended war with Iran mean for gas prices?
Monday’s comments, which came amid escalating threats to destroy Iran’s bridges and power grid on Tuesday night, appear to reduce the likelihood of a potential U.S. operation that energy traders and observers have been watching closely for weeks.
The operation to seize Iranian oil would be risky and costly. will likely require the use of ground troops Capturing strategic points such as Kharg Island, a port that handles 90% of Iran’s oil exports.
Read more: How do oil price shocks affect your wallet, from gasoline to groceries?
Going further and seizing onshore Iranian oil production, mainly in the southwestern part of the country, would be an even more complex operation.
Trump has repeatedly mocked the idea of buying oil for weeks.
Last Friday, the president published“IS THERE ANY OIL?” After another message earlier that day, I suggested: it would be easy to get the oil “With a little more time” and the world would make a fortune in return.
The ongoing US operation has included missile strikes on Kharg Island, but Trump and his aides have repeatedly said only military targets were hit and oil infrastructure was protected.
At other times, Trump has gone further, threatening to destroy Iran’s oil infrastructure.
Minister Published on March 30 He said he could leave Iran, but only after “blowing up and completely destroying” targets such as Kharg Island.
Ben Werschkul is Yahoo Finance’s Washington correspondent.
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