President Donald Trump called on Americans to accept slightly higher gasoline prices as a necessary measure to prevent Iran from acquiring nuclear weapons. He also hinted at declaring the Strait of Hormuz as U.S. territory in the near future. These statements highlight the political challenges facing Trump as fuel costs rise, conflicting with his pledge to reduce energy expenses. Democrats are seizing on the economic implications of potential conflict with Iran as a campaign issue ahead of the November midterm elections.

During a speech in Garden City, N.Y., Trump emphasized the importance of the increased fuel costs, stating that it was crucial to prevent a “very evil country” from possessing nuclear capabilities. He defended his actions, stating that the United States was serving the world’s interests and doing a commendable job, asserting that he would not apologize for confronting Iran.

Approximately 20% of global oil and LNG shipments typically pass through the Strait of Hormuz, leading to concerns about potential disruptions and subsequent oil price hikes. Trump’s announcement of potentially declaring the Strait as U.S. territory added to the escalating tensions surrounding the strategic waterway, although the seriousness of his statement and its policy implications remained unclear.

In response to Trump’s remarks, Kazem Gharibabadi, Iran’s deputy foreign minister, dismissed the idea that the strait could be easily controlled, emphasizing that Iran held authority over its operations. The ongoing focus on the Strait of Hormuz reflects its critical role in global energy markets, with oil prices on the rise, nearing $90 US per barrel for Brent crude, and U.S. gasoline prices hovering around $4 US per gallon.