Trump Outbursts over Oil Shock Go Off Rails as His Aides Quietly Panic

As Trump’s handling of soaring oil prices due to his war grows shakier, an international relations expert explains why this saga will likely get worse—and what it reveals about Trump’s deeper failings.

Donald Trump has been all over the place on the global oil shock created by his war amid Iran’s closing of the Strait of Hormuz. Earlier this week he angrily claimed that the price hikes are a small price to pay for world peace, adding: “ONLY FOOLS WOULD DISAGREE!” But on Thursday he offered some bizarre new spin, claiming that the U.S. “is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money.” The idea that “we” all benefit prompted intense criticism and underscores his chaotic approach to this fiasco. Meanwhile, CNN reports that Trump officials have started to “panic” and are in a state of “alarm” about the situation, even as its global impact is rapidly worsening. We talked to international relations expert Nicholas Grossman, who’s been arguing that the Iran saga is catching Trump off guard. We discuss why the oil shock’s consequences are so dramatic, how this all reveals the limits to Trump’s bullying powers, and what it all says about MAGA’s tendency to underestimate resistance to its designs. Listen to this episode here. A transcript is here.

TNR’s Greg Sargent takes a critical look at the day’s political news and the stories leading NewRepublic.com, and speaks to leading journalists and newsmakers.

Subscribe to The New Republic

Sign Up for Our Newsletters

Accessibility Statement

Copyright 2026 © The New Republic. All rights reserved.

© New Republic