President Donald Trump is suggesting another wartime idea that could have significant consequences. He mentioned that the United States might acquire Iranian oil as tensions with Tehran are driving crude prices up and adding pressure to global energy markets.
In a phone interview with NBC News on Monday, Trump stopped short of supporting this idea, but he made it clear that the possibility has been discussed.
“Certainly people have talked about it,” Trump said.
He added, “You look at Venezuela. People have thought about it, but it’s too soon to talk about that.”
His comments came as the U.S.-Israeli conflict with Iran entered its second week. Oil traders were considering how much more harm the fighting could cause to supply routes and export facilities. Brent crude briefly reached around $119.50 a barrel on Monday before dropping back down, while U.S. crude also surged sharply as the market responded to blocked tanker traffic and damage to regional energy sites.
Iran is a major oil producer, and the implications are significant. Reuters reported on Monday that Iran produces about 3.3 million barrels of crude daily, along with another 1.3 million barrels of condensate and other liquids, which together account for roughly 4.5% of global oil supply.
A key concern is Kharg Island, the terminal that handles about 90% of Iran’s crude exports. JP Morgan mentioned in a note reported by Reuters that if the United States and Israel were to take control of the island, Iran’s oil exports would come to a halt, and the country’s production could be cut by about half. The bank also cautioned that such an action could provoke retaliation against energy infrastructure in other areas of the region.
The war has already affected a crucial energy corridor. Approximately one-fifth of global oil supply typically goes through the Strait of Hormuz. AP reported that tanker traffic through this route has been stopped as the conflict expands. This situation impacts not only Iran but also Gulf producers who depend on the strait to transport crude to global markets.
In the NBC interview, Trump criticized Iran’s selection of a new supreme leader following Ayatollah Ali Khamenei’s death earlier in the war. Iran’s clerical leadership chose Mojtaba Khamenei, the late leader’s son, as his successor. Reuters reported that Mojtaba Khamenei was named on Monday when oil prices hit their highest levels since 2022.
“I think they made a big mistake,” Trump said. “I don’t know if it’s going to last. I think they made a mistake.”
China plays a significant role in any plans to take control of Iranian oil. The NBC report stated that around 80% of Iran’s crude exports go to China, which has become Tehran’s primary oil buyer due to years of sanctions. Any attempt to disrupt this flow would not only escalate the war but could also intensify tensions between Washington and Beijing.
Trump did not provide any specific plan, and no U.S. policy to take Iranian oil has been declared. For now, his comments keep the idea in the realm of wartime discussion rather than an established strategy.
Nonetheless, with oil prices above $100, the Strait of Hormuz under stress, and Iran’s export system facing pressure, even a brief remark from the president has brought the issue to the forefront of the war’s economic impact. The military actions are unfolding on the battlefield, but their effects are reverberating through energy markets just as quickly.
