Amid ongoing tensions with Iran, US President Donald Trump has called on Americans to tolerate a slight increase in gasoline prices. Addressing supporters at a rally in New York, Trump emphasized that paying “a tiny little bit more” for fuel is a necessary sacrifice to prevent Iran from acquiring nuclear weapons. He also suggested that, following a hypothetical victory over Iran, he might consider declaring the strategically critical Strait of Hormuz as “a territory of the United States.”
In response, Iran dismissed Trump’s remarks, asserting its control over the Strait of Hormuz. Deputy Foreign Minister Kazem Gharibabadi stated that Iran would maintain the blockade of the waterway until the United States acknowledges what he termed as its defeat. Meanwhile, Iranian Foreign Minister Abbas Araghchi indicated that Tehran has not yet decided to resume negotiations with the US, insisting that shipping through the strait will not recommence unless Washington meets Iran’s stipulated conditions.
The standoff has significantly impacted tanker traffic through the Strait of Hormuz, a key conduit for global oil and natural gas shipments. This disruption has driven up crude oil prices, consequently increasing the pressure on fuel costs. As a result, the average price of gasoline in the United States has surged to approximately $4.08 per gallon, marking a 29% rise compared to the previous year. Brent crude prices are similarly poised for a noteworthy weekly uptick.
The economic repercussions are also being felt in Iran, where President Masoud Pezeshkian attributed the country’s rising inflation to US sanctions, the blockade, and limitations on Iranian oil exports. Despite these challenges, the Trump administration has signaled its readiness to impose further financial measures against Tehran, as diplomatic efforts to achieve a ceasefire show no signs of progress.