U.S. President Donald Trump called on Americans to embrace slightly higher gasoline prices as a means of preventing Iran from obtaining a nuclear weapon. He indicated plans to designate the Strait of Hormuz as U.S. territory in the near future. These statements highlight the political challenges facing Trump as increased fuel costs clash with his commitment to lowering energy expenses, with Democrats aiming to leverage the economic repercussions of the Iran conflict in the upcoming November midterm elections.
During a speech in Garden City, N.Y., Trump emphasized that the incremental rise in gasoline prices was a necessary sacrifice to prevent a “very evil country” from acquiring nuclear capabilities. He defended his administration’s actions, stating, “What we’re doing is a great service for the world, not only for ourselves … and we’re really doing a great job,” while asserting that he would not apologize for confronting Iran.
Approximately 20% of worldwide oil and LNG shipments typically traverse the Strait of Hormuz, leading to concerns of prolonged disruptions and subsequent increases in oil prices. Trump escalated tensions by suggesting that after defeating Iran, he would declare the Strait of Hormuz as U.S. territory, although the seriousness or policy implications of this statement were unclear.
In response, Kazem Gharibabadi, Iran’s deputy foreign minister, dismissed Trump’s remarks, stating that the strait could only be controlled by Iran and not by external actions or declarations. The strategic importance of the Strait of Hormuz in global energy markets continues to be a focal point, with recent oil price surges, including Brent crude nearing $90 a barrel and U.S. gasoline prices reaching around $4 per gallon.