U.S. President Donald Trump, during a speech in Garden City, N.Y., called on Americans to accept slightly higher gasoline prices as a necessary measure to prevent Iran from acquiring nuclear weapons. He expressed intentions to designate the Strait of Hormuz as U.S. territory. Trump’s stance highlights the political challenges he faces as increased fuel costs clash with his pledge to reduce energy expenses, with Democrats aiming to leverage the economic impact of the Iran conflict in the upcoming November midterm elections.
Emphasizing the significance of the actions against Iran, Trump stated that the additional gasoline costs were a small price to pay for preventing a “very evil country” from obtaining nuclear capabilities. He defended his administration’s efforts, stating, “What we’re doing is a great service for the world, not only for ourselves … and we’re really doing a great job,” and reiterated his refusal to apologize for confronting Iran.
Approximately 20% of global oil and LNG shipments traverse the Strait of Hormuz, contributing to a surge in oil prices due to concerns about potential disruptions. Trump’s declaration regarding the strait’s status raised questions about the seriousness of his statement and whether it signaled a shift in policy.
In response to Trump’s remarks, Kazem Gharibabadi, Iran’s deputy foreign minister, dismissed the notion of the strait being claimed through diplomatic statements or military actions, asserting that its status was under Iran’s exclusive authority. Trump’s statements coincide with the ongoing significance of the Strait of Hormuz as a critical junction for global energy markets, with Brent crude prices nearing $90 US per barrel and U.S. gasoline prices rising to around $4 US per gallon.