Americans Should Expect Higher Gas Prices ‘For a Little While’ Due to Iran Conflict
President Donald Trump stated on Thursday that Americans should anticipate paying higher gas prices “for a little while” as a result of the ongoing Iran war. He emphasized that the U.S. Has “total control” in the Strait of Hormuz and is currently keeping it closed, which contributes to elevated energy costs.
Trump made these remarks during a health-care affordability event in the Oval Office, noting that while he expected the stock market to decline significantly and oil prices to reach $200 per barrel due to the conflict, actual market impacts have been less severe than anticipated. He pointed out that the U.S. Benefits from domestic oil production, stating, “this country is much lower [than others] because we have all the oil we can use.”
Despite the current market resilience, Trump maintained that higher energy prices are a temporary necessity, arguing they will be “rewarded with an eventual deal that keeps Iran from obtaining a nuclear weapon.” He reiterated that he is not rushing to negotiate a peace deal with Tehran, suggesting the strategic benefits of the current approach outweigh short-term economic costs.
Market data from Thursday showed Brent crude oil futures rising approximately 3% to close at $105.07 per barrel, while West Texas Intermediate futures advanced similarly to $95.85 per barrel. These figures represent a significant increase from pre-conflict levels, with Brent crude having surged from around $72 per barrel prior to the war’s onset to nearly $120 at various points during the conflict.
The administration’s stance reflects a broader strategy where short-term economic discomfort is framed as a means to achieve long-term national security objectives, particularly preventing Iran from developing nuclear capabilities that could threaten U.S. Cities or regional stability.