MIAMI: US President Donald Trump has indicated that oil and gasoline prices could remain elevated through November’s midterm elections, acknowledging the potential political impact of the ongoing conflict with Iran.
Speaking in an interview, Trump said prices may not fall significantly in the coming months. “It could be, or the same, or maybe a little bit higher, but it should be around the same,” he said when asked whether energy costs would ease by the autumn.
Fuel prices in the United States have already surged, with average petrol costs exceeding $4 per gallon throughout April, compared to under $3 earlier in the year, according to industry data.
The president’s remarks came after he announced a US naval blockade of the Strait of Hormuz, a key global shipping route. Writing on social media, he warned: “No one who pays an illegal toll will have safe passage on the high seas.” US Central Command later clarified that the measure would apply only to vessels travelling to and from Iranian ports.
Stalled negotiations
The blockade follows stalled negotiations between Washington and Tehran in Islamabad, Pakistan, which failed to produce a breakthrough despite ongoing ceasefire efforts. Analysts warn the move could further destabilise global energy markets already strained by Iran’s restrictions on the strait.
Iranian Parliament Speaker Mohammad Baqer Qalibaf also reacted, warning Americans of rising fuel costs. “Enjoy the current pump figures,” he wrote, adding: “With the so-called ‘blockade’, Soon you’ll be nostalgic for $4–$5 gas.”
The conflict, which began in late February, has pushed up oil prices and affected global markets, while also weighing on Trump’s domestic approval ratings ahead of the elections.
