Strait of Hormuz could open ‘by tomorrow’: Trump

Donald Trump is speaking at an executive order signing at the White House, where he was asked where direct talks with Iran would take place.

“You’ll find out today or tomorrow,” he said. “They’re going to go quickly one way or the other. It’s not very complex.”

Trump said the strait of Hormuz could be open “literally by tomorrow”.

“The first phase is the opening of the straits. The second phase will be the denuclearisation,” he said. “That’ll take a little while, but … we’re very strong on it.”

Image shows a small ship in the foreground with larger vessels in the background in the strait of Hormuz.
Vessels in the strait of Hormuz, as seen from Musandam, Oman. Photograph: Reuters
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Trump slams oil companies ‘making too much money’ amid war

Speaking in the Oval Office earlier, Trump also said that major oil companies are making “too much money” due to high prices stemming from his war on Iran, as he seeks to address his party’s political vulnerability ahead of the US midterm elections in November.

I don’t like it. They’re making too much money, okay? Based on a shortage, they’re making too much money. I don’t like it, and I should be the last one to say because I’m a big free enterprise guy,” he said. “Nobody bigger, and you know, you’re going to see oil when we’re finished with Iran. You’re going to see the prices drop through the floor. But they made too much money, too much money. Chevron, too much money. Exxon Mobil, too much, too much money.”

High gasoline prices are a key political issue for Trump as his Republican Party heads into the midterms, with Democrats seeking to wrest control of Congress from them.

The average price of a gallon of regular gasoline in the United States is up more than 37% since the start of the war, launched by Trump and Israel in late February.

The war has seen Iran’s retaliatory action target Washington’s allies in the Gulf and virtually block the vital strait of Hormuz, with both moves sending energy prices skyrocketing.

US petroleum giants ExxonMobil and Chevron released blowout profits on Friday, reflecting a major lift from the war that easily offset negative effects at both companies.

ExxonMobil’s second-quarter profits more than doubled to $14.5bn, while Chevron’s came in at $12.1bn, more than five times the level in the year-ago quarter.

Other major oil companies have also reported massive profits on the back of the war.

Trump, a strong supporter of fossil fuel interests, has lashed out over prices at the pump, announcing in June that he was directing the US Department of Justice to investigate any “gouging” perpetrated by the industry.

On Monday, he slammed the oil companies for their profits, saying he was “not happy about it”:

double quotation markWhen you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the public, and they better cut the retail price, the consumer price.

Too much money. You surprised I’m saying it. I’ll say it loud and clear. I’m not happy about it.

With Agence-France Press.

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