Amid ongoing tensions with Iran, U.S. President Donald Trump has called on Americans to tolerate slightly increased gasoline prices as a necessary sacrifice to prevent Iran from developing nuclear weapons. Speaking at a rally in New York, Trump emphasized that paying “a tiny little bit more” for gasoline is justified given the strategic importance of the Strait of Hormuz, where shipping remains hindered due to the conflict.
The disruption of tanker traffic in the Strait of Hormuz, a crucial channel for global oil and natural gas shipments, has driven up crude prices, subsequently increasing fuel costs. As a result, the average U.S. gasoline price has climbed to approximately $4.08 per gallon, marking a 29% increase from the previous year. Brent crude prices are also experiencing a significant weekly rise due to this uncertainty.
In response to Trump’s remarks, Iran has firmly rejected any notion of relinquishing control over the Strait of Hormuz. Deputy Foreign Minister Kazem Gharibabadi stated that Iran would maintain the blockade until the United States acknowledges what he termed as its defeat. Iranian Foreign Minister Abbas Araghchi added that Tehran has not yet decided to resume negotiations with Washington, asserting that shipping will not resume through the strait unless U.S. conditions are met.
The economic impact of the standoff is palpable in both countries. While the Trump administration considers further financial measures against Tehran, Iranian President Masoud Pezeshkian has attributed rising inflation within Iran to the U.S. blockade, sanctions, and limitations on Iranian oil exports. Meanwhile, Trump has hinted at the possibility of declaring the Strait of Hormuz “a territory of the United States” should Iran be defeated, a stance that further complicates diplomatic efforts.