US President Donald Trump said his country could benefit economically from rising oil prices but added that preventing Iran from acquiring nuclear weapons remains his overriding priority. He called Iran an “evil empire” and warned that its nuclear ambitions could threaten the stability of the Middle East and beyond.“The United States is the largest oil producer in the world, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen! Thank you for your attention to this matter. President DONALD J. TRUMP,” he wrote on Truth Social.This comes as the conflict with Iran entered day 13. A day before, Trump had said that the war with Iran could end “soon”, claiming American forces have already inflicted massive damage on Tehran’s military capabilities. Speaking to Axios, Trump said there was “practically nothing left to target” in Iran. “Little this and that… Any time I want it to end, it will end,” Trump said, adding that the conflict was progressing faster than expected.Meanwhile, as the conflict continues, the US has reportedly spent at least $11.3 billion during the first week of its military campaign against Iran, according to a Pentagon estimate shared with Congress, The New York Times reported on Thursday. The figure represents the most detailed assessment so far of the conflict’s financial cost, as the war entered its 13th day with no clear end in sight.According to the report, the estimate covers only the cost of the initial phase of the operations and excludes several major expenses, including the deployment of additional troops, aircraft and naval forces to the region ahead of the strikes. Meanwhile, oil prices have already been soaring amid the conflict especially amid the blockage of the Strait of Hormuz, surging on Thursday, briefly beyond the $100 mark.The International Energy Agency said the Middle East conflict “is creating the largest supply disruption in the history of the global oil market”, a day after its member countries agreed to release 400 million barrels of oil from strategic reserves — the largest coordinated drawdown on record.Despite the move, concerns over constrained energy supplies persisted. The Strait of Hormuz, a critical shipping route that typically carries about one-fifth of the world’s crude, has effectively been shut following retaliatory attacks by Iran on vessels and neighbouring Gulf states.

Elon Musk’s Tesla has been given the green light to start supplying electricity to households and businesses in Britain.

The company’s subsidiary, Tesla Energy Ventures, has been granted a licence by energy watchdog Ofgem to provide electricity to domestic and non-domestic consumers in England, Wales and Scotland.

It took effect on Wednesday following a seven-month review that considered whether the company could safely and reliably run an energy business.

Mr Musk, who is the world’s richest man, runs the electric car manufacturer and also has a solar energy and battery storage business.

Tesla has been involved in the UK energy market since 2020, when it was granted a licence to be an electricity generator.

In the US, the group is already an electricity supplier in Texas.

The company faced a backlash to its application last year, with campaign group Best for Britain saying thousands of people had used its online tool to lodge objections with Ofgem.

The criticism was rooted in Mr Musk’s political activity, including his support for Donald Trump and far-right activist Tommy Robinson, real name Stephen Yaxley-Lennon, and the changes made to social media platform X, formerly Twitter, since taking ownership.

Furthermore, Energy Secretary Ed Miliband branded the billionaire boss as a “dangerous person” and said that he had called for the overthrow of the Government and incited violence on the streets.

Tesla lost its title as the world’s best-selling electric vehicle (EV) maker in January after reporting declining sales for the second year in a row.

The car maker delivered 1.64 million vehicles in 2025, down 9% from a year earlier. Chinese rival BYD, which sold 2.26 million vehicles last year, is now the biggest EV maker.

Tesla Energy’s licence means it must now comply with Ofgem’s rules, including treating customers fairly and maintaining consumer protections and financial responsibility, or it faces potential penalties or the licence being revoked.

Ofgem stressed that it does not assess or grant licences to individuals.

The International Energy Agency (IEA) says it has agreed to release a record 400 million barrels of oil from its strategic reserves to help stabilise markets.

The UK government said it will contribute 13.5 million barrels from its own stockpile for the release.

The conflict in Iran has halted shipments through the Strait of Hormuz and pushed the price of oil and gas sharply higher.

The IEA, which includes the UK, said the release – the largest in the 50-year history of the 32-nation alliance – will account for around a third of its 1.2 billion barrel stockpile held for emergencies.

Members hold a further 600 million barrels of industry stocks under government obligations.

Energy secretary Ed Miliband said: “With this action, the UK is playing our part in working with our international allies to address the disruption in oil markets.

“The UK has strong and diverse energy supplies, and the price cap plays an important role in protecting energy bills until July.

“The way to protect families and businesses in the long run is to get off our dependency on global fossil fuel markets, and on to clean, homegrown power which we control.”

The government stressed that the resumption of tankers using the Strait of Hormuz is critical and said it will “continue to work closely with partners to achieve this”.

Brent crude oil prices were up 3.5 per cent on Wednesday afternoon at 90.87 US dollars a barrel, although this remains significantly down from the peak hit on Monday amid concerns over an intensification in the Iran conflict.

Rachel Winter, partner at Killik & Co, said: “The IEA’s decision to release strategic oil reserves on an unprecedented scale is a significant intervention, and markets will take note.

“Whether it succeeds will depend on how long the conflict continues and whether other producers move to fill any supply gap.

“In the short term, we may see some relief at the pump, and oil majors such as BP and Shell, which have benefited from the recent price spike, could give back some of those gains.”