Amid ongoing tensions with Iran, U.S. President Donald Trump has called on Americans to withstand a slight increase in gasoline prices. Speaking at a rally in New York, Trump emphasized that paying “a tiny little bit more” at the pump is a worthwhile sacrifice to prevent Iran from developing nuclear weapons. He also hinted at possibly declaring the Strait of Hormuz a U.S. territory if Iran is defeated.
Iranian officials have firmly rejected Trump’s remarks, insisting that the Strait of Hormuz will remain under Iranian control. Deputy Foreign Minister Kazem Gharibabadi stated that the blockade on the critical waterway will persist until the U.S. acknowledges what he described as its defeat. Meanwhile, Iranian Foreign Minister Abbas Araghchi noted that Tehran has not decided to re-enter negotiations with Washington, maintaining that shipping through the strait will not resume without meeting Iran’s terms.
The standoff has severely disrupted tanker traffic, impacting a major route for global oil and natural gas shipments. This uncertainty has led to a rise in crude prices, subsequently increasing fuel costs. As a result, the average gasoline price in the U.S. has risen to about $4.08 per gallon, marking a 29% increase compared to the previous year. Brent crude prices have also been poised for a notable weekly gain.
The economic ramifications are also being felt within Iran, where President Masoud Pezeshkian attributes the rising inflation to the U.S. blockade, sanctions, and restrictions on Iranian oil exports. Concurrently, the Trump administration has threatened further financial actions against Tehran, as efforts to broker a ceasefire remain in a stalemate.