Trump says U.S. benefits from high oil prices; Iran, Israel continue to exchange fire

Trump downplays rising oil prices while escalating tensions with Iran, as missile exchanges and military strikes continue in the region.

U.S. President Donald Trump on Thursday (March 12, 2026) played down the impact of rising oil prices on the American economy and vowed to press ahead with the war, saying he would stop Iran “from having nuclear weapons”, even as U.S. and Israeli forces continued air strikes in Iran and Tehran retaliated with missile and drone attacks across the region.

Also read: West Asia war updates on March 12, 2026

“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,” Mr. Trump wrote in a social media post.

Mr. Trump had earlier said to hit “Iran harder 20 times more” if the flow of oil through the Strait of Hormuz is blocked. He also threatened to attack Iran’s electricity grid. The Strait of Hormuz remains effectively closed.

Ali Larijani, Secretary of Iran’s National Security Council, responded to Mr. Trump on Wednesday (March 11, 2026), saying if Iran’s electricity grid is targeted, “the whole region will go dark”.

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