US President Donald Trump has called on Americans to tolerate a slight increase in gasoline prices as tensions with Iran persist, affecting the vital Strait of Hormuz’s shipping activities. During a rally in New York, Trump emphasized that paying “a tiny little bit more” at the gas pump is a necessary sacrifice to prevent Iran from developing nuclear weapons. He also mentioned the possibility of declaring the Strait of Hormuz a “territory of the United States” following a potential victory over Iran.
In response, Iran has dismissed Trump’s assertions, maintaining that the Strait will remain under its jurisdiction. Deputy Foreign Minister Kazem Gharibabadi stated that Iran would uphold the blockade until the US acknowledges what he termed as its defeat. Meanwhile, Iranian Foreign Minister Abbas Araghchi noted that Tehran has not yet decided to enter into new negotiations with the US, and insisted that shipping through the strait would not resume unless Washington complies with Iran’s demands.
The ongoing standoff has disrupted tanker movements through the Strait of Hormuz, a critical passage for global oil and natural gas transportation. This disruption has led to an increase in crude prices, which in turn has exerted upward pressure on fuel costs. As a result, the average gasoline price in the US has climbed to approximately $4.08 per gallon, marking a 29% rise compared to the previous year. Brent crude prices are also projected to see a notable weekly increase.
The economic consequences of the situation are also impacting Iran, where President Masoud Pezeshkian attributes escalating inflation to the US blockade, sanctions, and the limitations on Iranian oil exports. Meanwhile, the Trump administration has warned of further financial measures against Tehran, as efforts to achieve a ceasefire remain at a standstill.