US President Donald Trump has voiced frustration over soaring profits being earned by major oil companies amid the ongoing conflict with Iran, as rising fuel prices threaten to become a major political challenge ahead of the US midterm elections.
Speaking to reporters in the Oval Office on Monday, Trump said oil companies were making “a lot of money” from the crisis and indicated his dissatisfaction with the situation despite his longstanding support for free-market policies.
“They’re making a lot of money, and I don’t like it,” Trump remarked, an unusual criticism from a president who has consistently championed deregulation and business-friendly policies.
According to US media reports, the White House is increasingly concerned that elevated oil prices could hurt voters already grappling with inflation. Trump is reportedly eager to see crude oil and gasoline prices decline before the November midterm elections, with recent polling suggesting Democrats could make significant electoral gains.
The Iran conflict has sent global energy markets sharply higher, pushing crude oil prices to multi-month highs and boosting earnings across the oil sector.
Adding to the trend, Saudi energy giant Saudi Aramco announced on Tuesday that its net profit for the second quarter of 2026 surged by 33% compared to the same period last year, reflecting the benefits of higher oil prices driven by geopolitical tensions.
American consumers have borne the brunt of the price surge. Since the outbreak of the Iran conflict, the average price of gasoline in the United States has climbed by 37%, adding to inflationary pressures and increasing the cost of living for millions of households.
With fuel prices remaining elevated and inflation still a key concern for voters, energy costs are expected to remain a central issue in the US political landscape as the midterm election campaign intensifies.