Trump voices concern over oil company profits amid Iran conflict

WASHINGTON:US President Donald Trump said he is concerned about the large profits oil companies are making amid the conflict with Iran, as rising energy prices continue to fuel inflation and create political challenges ahead of the U.S. midterm elections.

Speaking in the Oval Office on Monday, Trump said oil companies were making “a lot of money” from the surge in crude prices and acknowledged that he was uncomfortable with the situation despite being a strong supporter of free-market principles.

US media reported that Trump hopes oil prices will decline before the November midterm elections, with recent political surveys indicating that Democrats could make gains if inflation remains elevated.

The conflict involving Iran has driven global oil prices sharply higher, boosting earnings across the energy sector. On Tuesday, Saudi Aramco reported a 33% increase in second-quarter profit, reflecting the impact of stronger crude prices.

Higher fuel costs have also weighed on American consumers. Since the outbreak of the conflict, the average price of gasoline in the United States has risen by about 37%, adding to inflationary pressures and increasing the political stakes for the White House.