United States President Donald Trump has said oil and gasoline prices may remain elevated through November’s midterm elections, signalling possible political consequences following his administration’s decision to attack Iran six weeks ago.
“It could be, or the same, or maybe a little bit higher, but it should be around the same,” Trump said while speaking from Miami during an interview on Fox News’ “Sunday Morning Futures With Maria Bartiromo,” when asked if energy prices would drop by the fall.
Data from GasBuddy shows that the average price for regular gas at U.S. stations has stayed above $4 per gallon for most of April. This marks a sharp increase from February, when prices hovered just below $3 per gallon, and remained under $3.25 throughout the past year.
Trump’s latest remarks contrast with his earlier stance, in which he described the surge in prices as temporary. However, officials say his top advisers are aware of the broader economic effects of the ongoing conflict.
Earlier on Sunday, Trump announced via social media that the U.S. Navy would impose a blockade on the Strait of Hormuz, targeting vessels that pay transit fees to Iran. The move follows prolonged talks between the United States and Iran in Pakistan that ended without a peace agreement.
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“No one who pays an illegal toll will have safe passage on the high seas,” he wrote on Truth Social.
Hours later, U.S. Central Command clarified that the blockade would apply only to ships travelling to and from Iranian ports. Vessels heading to non-Iranian destinations will not be affected.
The blockade is expected to deepen uncertainty around the fragile two-week ceasefire currently in place. It also comes in response to Iran’s closure of key shipping routes in the strait, a development that has driven global oil prices up by about 50%.
In reaction, Iranian parliament speaker Mohammad Baqer Qalibaf warned that the U.S. action could push fuel prices even higher.
“Enjoy the current pump figures,” he wrote on X, sharing a map of gas prices in Washington. “With the so-called ‘blockade’, Soon you’ll be nostalgic for $4–$5 gas.”