U.S. President Donald Trump called on Americans to acknowledge a slight increase in gasoline prices as a necessary measure 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 the rise in fuel prices contradicts his pledge to reduce energy expenses, a point that Democrats aim to capitalize on during the upcoming midterm elections.
During a speech in Garden City, NY, Trump emphasized the importance of paying a bit more for gasoline to prevent a “very evil country” from obtaining nuclear weapons. He defended his actions against Iran, stating that the U.S. was serving the world’s interests by taking a firm stance against Iran’s nuclear ambitions.
Approximately 20% of global oil and LNG shipments pass through the Strait of Hormuz, and concerns about potential disruptions have led to an increase in oil prices. Trump’s declaration of possibly claiming the Strait as U.S. territory added to the escalating tensions surrounding this vital waterway, although the seriousness of his statement and its implications remain unclear.
In response to Trump’s remarks, Kazem Gharibabadi, Iran’s deputy foreign minister, dismissed the idea of the strait being controlled by external forces, asserting that Iran alone had authority over its opening and closure. Trump’s comments come at a time when the Strait of Hormuz continues to be a crucial focal point for global energy markets, with oil prices surging, reaching nearly $90 per barrel for Brent crude and around $4 per gallon for U.S. gasoline.