Milei emphasized economic benefits for Argentina due to the war with Iran

(Patria) - Argentine President Javier Milei, a staunch ally of US President Donald Trump and Israel, welcomed the benefits of the war with Iran for his country's exports and foreign exchange reserves, AFP reported.

The libertarian Milei, who supported Washington's and Israel's attacks on Iran, said he expects an "improvement" in oil and agricultural product exports as a result of the ten-day conflict.

The price of oil rose above $100 a barrel for the first time in four years on Monday, after Iran launched a new barrage of missile fire on wealthy oil-producing allies of the United States, signaling that the Strait of Hormuz would likely remain closed.

Argentina is the fourth largest oil producer in Latin America.

"Argentina, in this context, will see an improvement in its terms of trade because oil prices are rising, and Argentina is a net exporter," Milei told Argentine radio station FM NOW.

"Furthermore, the prices of all the grains that Argentina exports, soybeans, corn, and sunflower, are also rising," Milei said in an interview from New York, where he participated in an investment promotion event.

Last week, wheat reached its highest level of the year, and soybeans reached their highest point since June 2014, as the war increased the cost of energy and fertilizers.

Milei emphasized that the war will boost Argentina's efforts to acquire foreign exchange reserves, as required by the International Monetary Fund in exchange for a new twenty-billion-dollar loan agreement signed last year. The oil and gas sector accounts for 13.5 percent of Argentina's exports, second only to the agricultural sector, which accounts for more than 60 percent of foreign sales. Soybean sales account for 24.6 percent of total exports.