Amid ongoing tensions with Iran, US President Donald Trump has called on Americans to tolerate slightly increased gasoline prices. During a rally in New York, he emphasized that paying “a tiny little bit more” at the pump is a necessary sacrifice to stop Iran from acquiring nuclear weapons. Trump also floated the idea of declaring the Strait of Hormuz “a territory of the United States” following a victory over Iran.
Iran has dismissed Trump’s assertions, maintaining that it retains control over the vital Strait of Hormuz. Deputy Foreign Minister Kazem Gharibabadi stated that Iran would uphold its blockade until the US acknowledges what he termed the reality of its defeat. Furthermore, Iranian Foreign Minister Abbas Araghchi clarified that Tehran has not yet decided to reengage in negotiations with Washington, insisting that the resumption of shipping through the strait hinges on the US meeting Iran’s conditions.
The impasse has led to significant disruptions in tanker traffic through the Strait of Hormuz, a critical corridor for global oil and natural gas transportation. This uncertainty has contributed to a rise in crude oil prices, subsequently increasing fuel costs. As a result, the average gasoline price in the United States has climbed to approximately $4.08 per gallon, marking a 29% increase compared to the previous year. Brent crude prices are also poised for a notable weekly rise.
The economic strain extends to Iran, where President Masoud Pezeshkian has attributed the country’s rising inflation to the US-imposed blockade, sanctions, and restrictions on Iranian oil exports. In response to the stalemate, the Trump administration has threatened to implement further financial measures against Tehran, with diplomatic efforts to establish a ceasefire remaining at an impasse.