President Trump's recent statement about "taking the oil" from Iran has significantly escalated tensions, shifting the focus of the ongoing conflict from military strikes to the potential seizure of natural resources.
This development is causing ripples in the global energy markets. Since the war with Iran began on February 28, 2026, oil flow through the critical Strait of Hormuz has been severely restricted. As a result, Brent crude oil prices have soared from about $70 to nearly $110 per barrel. The president's rhetoric directly impacts these prices; for instance, his April 1 promise to "finish the job" caused an immediate 7% jump in crude oil.
The path to this moment has been building for weeks. First, the conflict began with coordinated US-Israeli strikes in late February, leading Iran to constrain passage through the Strait of Hormuz. Second, the US escalated its threats throughout March, with discussions about occupying Iran's primary oil export terminal, Kharg Island, becoming public. Third, President Trump's own statements have become increasingly direct, culminating in the recent "to the victor belong the spoils" remark, which markets interpret as a real possibility of the US attempting to control Iranian oil fields.
However, this "take the oil" strategy is not straightforward. Legally, seizing a country's natural resources during an armed conflict is widely considered 'pillage' under international law, a point highlighted by organizations like Human Rights Watch. This creates friction with international allies. Furthermore, there is limited appetite among the American public for a ground invasion or a prolonged occupation, a political reality that President Trump himself has acknowledged.
In conclusion, the situation remains highly volatile. The president's words have introduced a new, more extreme possibility into an already tense conflict. The market's future direction now hinges on whether this rhetoric translates into actual policy or if legal and political constraints force a de-escalation.
- Brent Crude: A major benchmark price for purchases of oil worldwide.
- Strait of Hormuz: A narrow waterway linking the Persian Gulf with the open ocean, through which a significant portion of the world's oil passes.
- Pillage: The act of violently robbing a country or place, especially in wartime.