Oil
Trump defends high oil prices amid Iran conflict
US President Donald Trump has acknowledged that elevated oil prices resulting from the conflict with Iran are yielding substantial revenues for domestic energy-producing states.
Key points
- Oil prices surged following the outbreak of the conflict with Iran in February.
- US energy companies and refiners recorded strong profits through the second and third quarters of 2026.
- CEII data from October 2026 placed Brent spot prices at $125.44 per barrel.
US President Donald Trump has stated that high oil prices driven by the ongoing conflict with Iran are generating significant financial returns for energy-exporting states, Yahoo reported.
Speaking at a rally in Arizona, Trump noted that regions such as Texas, Oklahoma, and North Dakota are benefiting from elevated energy costs. Oil prices climbed sharply after the war began in February. According to Yahoo, Brent crude and West Texas Intermediate (WTI) traded at $106 and $95 respectively, while US EIA figures provided by CEII recorded Brent at $125.44 and WTI at $96.24 on 6 October 2026. The national average for a gallon of gasoline reached $4.33.
Sector performance and justification
Energy firms in the US sustained robust financial performance through the second and third quarters of 2026. Refiners outperformed other segments of the sector, achieving an average return of 52% over the previous quarter.
Trump maintained that the military action against Iran was necessary, asserting that the country was close to acquiring a nuclear weapon, despite contrary assessments from US intelligence agencies. He added that while energy-producing regions are profiting, his ultimate objective remains lowering oil prices to pre-conflict levels.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
68.0% of Iran’s merchandise exports were fuels in 2023Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
