U.S. President Donald Trump called on the American public to accept slightly increased gasoline prices in exchange for preventing Iran from acquiring nuclear weapons. During a speech in Garden City, N.Y., Trump emphasized the necessity of these costs to hinder Iran’s nuclear ambitions, describing the country as “very evil.” He mentioned future plans to designate the Strait of Hormuz as U.S. territory.
Acknowledging the economic impact of potential conflict with Iran, Trump defended his administration’s actions as beneficial not just for the U.S. but for the world at large. He expressed a firm stance against Iran, stating that he would not apologize for confronting the nation.
Approximately 20% of global oil and LNG shipments usually traverse the critical Strait of Hormuz, leading to concerns about oil price hikes in the event of any disruptions. Trump’s heightened rhetoric 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 controlled by external forces, asserting that Iran alone had the authority to regulate its access. The ongoing tensions surrounding the Strait of Hormuz have kept global energy markets on edge, with oil prices escalating, including Brent crude nearing $90 per barrel and U.S. gasoline prices reaching around $4 per gallon.