US President Donald Trump has called on Americans to tolerate slightly higher gasoline prices as tensions with Iran persist, leading to disruptions in the vital Strait of Hormuz. Speaking at a rally in New York, Trump emphasized that the minor increase in fuel costs is a necessary sacrifice to prevent Iran from acquiring nuclear weapons. He also suggested the possibility of declaring the Strait of Hormuz as US territory following a victory over Iran.
In response, Iran has dismissed Trump’s remarks, with Deputy Foreign Minister Kazem Gharibabadi affirming that the strait will remain under Iranian control. Iran has continued its blockade in the region, demanding that the US acknowledge its defeat before any negotiations can resume. Iranian Foreign Minister Abbas Araghchi stated that shipping through the strait would remain halted unless Washington complies with Iran’s conditions.
The ongoing standoff has significantly affected tanker traffic through the strait, a critical passage for global oil and natural gas supplies. This disruption has caused crude oil prices to rise, placing additional pressure on fuel costs. In the US, the average gasoline price has climbed to approximately $4.08 per gallon, representing a 29% increase from the previous year. Brent crude prices are also experiencing a substantial weekly surge.
Meanwhile, the economic repercussions are being felt in Iran as well. Iranian President Masoud Pezeshkian has attributed the country’s rising inflation to the US-imposed blockade, sanctions, and limitations on Iranian oil exports. While the Trump administration has threatened further financial measures against Tehran, efforts to broker a ceasefire remain at an impasse.