Trump Declares Desire to Seize Iran’s Oil
US President Donald Trump has expressed his desire to seize Iran’s oil resources, even as the Islamic Republic remains embroiled in an ongoing exchange of strikes with Israel and the United States.
Iran is a member of the Organisation of Petroleum Exporting Countries (OPEC). With about 208 million barrels as of 2024, it holds the world’s third-largest proven crude oil reserves, just after Venezuela and Saudi Arabia. Iran also controls the Strait of Hormuz, a sea passage through which about 20 percent of the world’s oil is shipped.
But much of the critical waterway has been shut off by Iran’s de facto blockade, squeezing shipping traffic to a trickle since the war began last month.
The US and Iran have threatened each other over the Strait. Trump has demanded a total reopening while Iran maintains that it calls the shots.
In a Sunday interview with the Financial Times, Trump said he would rather take the Islamic Republic’s oil, an ambition outside his publicly declared war goals in the Middle Eastern country.
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