Trump: Stopping Iran’s Nuclear Weapons More Critical Than Surging Oil Prices

• Iran’s new supreme leader says Strait of Hormuz remains closed  

•Modi, Guterres call for dialogue

Emmanuel Addeh in Abuja

Amid soaring oil prices and global panic, US President Donald Trump yesterday set his priorities straight, stressing that stopping Iran from having nuclear weapons is of “far greater importance” to him than surging oil prices.

While the world scrambles to deal with the oil crisis in the face of the closure of the Strait of Hormuz amid the ongoing US-Iran war, Trump said that Washington, being the “largest oil producer in the world”, makes money when oil prices go up.

In a post on Truth Social, he said: “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 stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the world. I won’t ever let that happen! Thank you for your attention to this matter.”

This comes against the backdrop of the US-Iran war, which has spilt over into the Middle East, disrupting global oil supply. Trump’s remarks on the Iran war have been contradictory. On the one hand, he has spoken of the war “ending soon”, while on the other, he said that the US military is “not finished yet”.

The US President also asserted that he is not worried about any Iranian attack on US soil. “We have hit them harder than virtually any country in history has been hit, and we’re not finished yet,” Trump told reporters outside the White House.

The International Energy Agency (IEA) said the war is creating the biggest oil supply shock ever recorded in the global markets. Middle Eastern Gulf producers have reportedly reduced their output by 10 million barrels per day, which is nearly 10 per cent of the global oil demand.

Global benchmark Brent crude briefly soared past $100 per barrel, rising as much as 10 per cent during trading on Thursday, Bloomberg reported. West Texas Intermediate climbed close to $96 per barrel before prices eased slightly.

In a bid to help ease the pressure on global markets, the IEA earlier announced the coordinated release of 400 million barrels of oil from emergency reserves of its member countries.

The US also said that it would release 172 million barrels of oil from its Strategic Petroleum Reserve (SPR), according to the Hindustan Times.

Iran’s New Supreme Leader Says Strait of Hormuz Remains Closed

Iran’s new Supreme Leader, Mojtaba Khamenei, said yesterday that the closure of the Strait of Hormuz maritime passage should be continued as a “tool to pressure the enemy,” in his first public statement since being appointed.

Khamenei also said all US military bases in the Middle East should close immediately and “those bases will be attacked,” in a message shared by State Media.

Oil prices extended gains following the statement, read out by a state TV broadcaster. The shipping of oil through the Strait of Hormuz has effectively stopped since the war began, causing global oil prices to soar. Iran warned on Wednesday that the price per barrel could climb to $200.

It’s Khamenei’s first public comments since being appointed as Iran’s supreme leader on March 9 after the assassination of his father, Ayatollah Ali Khamenei, in U.S.-Israeli air strikes which began in late February.

Mojtaba Khamenei was injured in the attack on his father’s compound, which killed the ayatollah and other immediate members of the family, CNBC reported.

“Iran will not refrain from avenging the blood of its martyrs,” Khamenei said, calling for unity among the Iranian people.

Khamenei, 56, is seen as more hard-line and conservative than his father, although he kept a low profile in Iran before he was elected to succeed him as supreme leader.

U.S. President Donald Trump expressed “disappointment” in his selection by Iranian senior clerics, telling Fox News, “I don’t believe he can live in peace.”

Despite Trump’s comments, it’s unclear whether the White House is aiming for regime change in Tehran as one of its main objectives in its military operation. Experts have said that airstrikes alone are unlikely to be enough to unseat Iran’s leadership.

There are no signs that the U.S.-Israeli strikes on Iran’s critical and military infrastructure are nearing a conclusion, with air and sea attacks intensifying this week. Iran has also stepped up its retaliatory assaults this week, attacking tankers in or near the Strait of Hormuz.

Khamenei noted that Iran will seek compensation from enemies “or destroy their assets accordingly.”

India’s Modi, UN’s Guterres Call for Dialogue, Diplomacy

Indian leader, Narendra Modi, has urged the Iranian president to de-escalate the war and seek “dialogue and diplomacy”.

The prime minister of India told Masoud Pezeshkian, who formed part of Iran’s temporary leadership council after the assassination of Ali Khamenei, that he was concerned about the loss of civilian life in the conflict.

Speaking about a phone call between the pair, Mr Modi wrote on X: “Had a conversation with Iranian President, Dr Masoud Pezeshkian, to discuss the serious situation in the region. Expressed deep concern over the escalation of tensions and the loss of civilian lives as well as damage to civilian infrastructure.

“The safety and security of Indian nationals, along with the need for unhindered transit of goods and energy, remain India’s top priorities. Reiterated India’s commitment to peace and stability and urged for dialogue and diplomacy.”

Also, António Guterres, Secretary-General of the UN, also called for all parties to “cease the hostilities” and suggested that international law had been broken during the conflict, the Telegraph reported.

He said: “The unfolding crisis in the Middle East constitutes a grave threat to international peace and security and has caused immense suffering for civilians. De-escalation and dialogue are the only way out. I strongly urge all parties to cease the hostilities, uphold international law, protect civilians and return immediately to the negotiating table.”

US Navy to Escort Oil Tankers Through Hormuz Strait

The US Navy will escort oil tankers through the Strait of Hormuz, the American Treasury Secretary, Scott Bessent, has said. Bessent explained that the arrangement will come when it is “militarily possible”, and could involve an “international coalition”.

Asked about the issues surrounding the strait, he told Sky News: “That was always in our planning – the chance that the US Navy, or perhaps an international coalition, will be escorting oil tankers through.

“There are, in fact, tankers coming through now, Iranian tankers, I believe some Chinese flagged tankers, have come through, so we know that they have not mined the strait.”

He added that the Trump administration had been planning for this scenario “for months” and that the US Navy will do it “as soon as it is possible”.