U.S. President Donald Trump called on Americans to understand the necessity of slightly higher gasoline prices to prevent Iran from acquiring nuclear weapons and hinted at declaring the Strait of Hormuz as U.S. territory. This statement highlights the political challenge Trump faces as increased fuel costs clash with his pledge to reduce energy expenses, with Democrats aiming to leverage the economic impact of potential conflict with Iran in the upcoming midterm elections.

During a speech in Garden City, N.Y., Trump emphasized that the additional cost at the pump was a small price to pay to prevent a “very evil country” from possessing nuclear arms. He defended his actions, stating that the U.S. was fulfilling a crucial global role and that he would not apologize for confronting Iran.

Approximately 20% of the world’s oil and LNG shipments usually transit through the Strait of Hormuz, leading to concerns over potential disruptions and subsequent oil price hikes. Trump’s statement about potentially declaring the strait as U.S. territory further inflamed tensions surrounding this vital waterway, although the seriousness of his comment and any policy implications remain unclear.

In response to Trump’s remarks, Kazem Gharibabadi, Iran’s deputy foreign minister, dismissed the idea of the strait being seized, emphasizing that Iran retained control over its opening and closing. The ongoing situation in the Strait of Hormuz continues to exert pressure on global energy markets, with Brent crude nearing $90 US per barrel and U.S. gasoline prices hovering around $4 US per gallon.