[Reuters] U.S. President Donald Trump said on Sunday that the price of oil and gasoline may remain high through November's midterm elections, a rare acknowledgement of the potential political fallout from his decision to attack Iran six weeks ago.
"It could be, or the same, or maybe a little bit higher, but it should be around the same," Trump, who is in Miami for the weekend, told Fox News' "Sunday Morning Futures With Maria Bartiromo" when asked whether the cost of oil and gas would be lower by the fall.
The average price for regular gas at U.S. service stations has exceeded $4 per gallon for most of April, according to data from GasBuddy. Average U.S. gas prices in February hovered just below $3 per gallon, and over the past year never exceeded $3.25 per gallon, according to GasBuddy.
Trump's comments on Sunday came after weeks of asserting that the spike in prices is a short-term phenomenon, though his top advisers are cognizant of the war's economic impacts, officials have said.
Earlier on Sunday, Trump announced on social media that the U.S. Navy would blockade the Strait of Hormuz and intercept any ship that paid a crossing fee to Iran, after marathon talks between the U.S. and Iran in Pakistan over the weekend did not yield a peace deal.
"No one who pays an illegal toll will have safe passage on the high seas," he wrote on Truth Social media platform.
Several hours after Trump's post, U.S. Central Command said the blockade would be limited to ships going to and from Iranian ports. Ships entering and exiting non-Iranian ports will not be stopped by U.S. forces, CENTCOM said.
A U.S. blockade may add more uncertainty to the eventual resolution of the conflict, which is currently subject to a tenuous two-week ceasefire. The new tactic is in response to Iran's own closure of the strait's critical shipping lanes, which has caused global oil prices to skyrocket about 50%.
Later on Sunday, Iranian parliament speaker Mohammad Baqer Qalibaf, who led Iran's delegation in the talks, posted on social media that a blockade would lead to higher U.S. gas prices. "Enjoy the current pump figures," he wrote on X, alongside a map showing gas prices in Washington. "With the so-called 'blockade', Soon you'll be nostalgic for $4–$5 gas." |