U.S. President Donald Trump emphasized the necessity of accepting a slight increase in gasoline prices to prevent Iran from acquiring nuclear weapons. He also mentioned plans to designate the Strait of Hormuz as U.S. territory. These statements highlight the political challenges facing Trump as he balances higher fuel costs with his pledge to reduce energy expenses, with Democrats aiming to leverage the economic impact of the Iran conflict in the upcoming November elections.
During a speech in Garden City, N.Y., Trump urged Americans to understand that paying a bit more for gasoline was a small sacrifice to prevent a “very evil country” from obtaining nuclear capabilities. He defended his actions, stating that the U.S. was providing a crucial service to the world and that he would not apologize for confronting Iran.
Approximately 20% of global oil and LNG shipments pass through the Strait of Hormuz, leading to concerns about potential disruptions and consequent oil price hikes. Trump’s statement about potentially declaring the strait as U.S. territory indicated a significant escalation in his stance on the strategic waterway, although the seriousness of this declaration remained uncertain.
In response to Trump’s comments, Kazem Gharibabadi, Iran’s deputy foreign minister, dismissed the notion that the strait could be controlled through tweets or military actions, emphasizing Iran’s authority over the waterway’s operations. Trump’s rhetoric comes at a critical time for global energy markets, with oil prices surging, including Brent crude nearing $90 a barrel and U.S. gasoline prices reaching around $4 per gallon.