U.S. President Donald Trump has conveyed his preference for taking control of Iran’s oil resources as tensions rise among the United States, Iran, and Israel during ongoing military conflicts.
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and possesses one of the largest crude oil reserves worldwide, estimated at around 208 million barrels in 2024, ranking as the third largest after Venezuela and Saudi Arabia.
The country is also critical for its control of the Strait of Hormuz, a vital waterway where approximately 20 percent of the world’s oil supply transits.
However, this strategic shipping route has faced notable restrictions due to Iran's effective blockade initiated after hostilities erupted last month, resulting in decreased maritime traffic and escalating global energy anxieties.
Warnings regarding the control of the strait have been issued by both Washington and Tehran, with Trump advocating for its complete reopening while Iran maintains it has authority over the passage.
In a recent interview with the Financial Times, Trump voiced a contentious stance that expands upon his prior war aims, stating, "To be honest with you, my favourite thing is to take the oil in Iran but some stupid people back in the US say: ‘why are you doing that?’ But they’re stupid people."
He also mentioned the potential of targeting Kharg Island, which is Iran’s principal oil export facility responsible for handling a large percentage of the country’s crude shipments.
“Maybe we take Kharg Island, maybe we don’t. We have a lot of options. It would also mean we had to be there [in Kharg Island] for a while,” he remarked.
Analysts indicate that Kharg Island has a total storage capacity of approximately 30 million barrels and is accountable for about 90 percent of Iran’s oil exports.
These comments arise during a time of heightened geopolitical tensions that have begun to influence global oil markets, with prices surging as apprehensions grow about sustained disruptions to supply chains.
Recent U.S. activities have drawn attention, notably in Venezuela, where Washington has asserted control over the oil sector following the capture of President Nicolás Maduro earlier this year.
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