US President Donald Trump has said oil and gasoline prices may remain elevated through November’s midterm elections, offering a rare acknowledgment of the potential political impact of the ongoing war with Iran.
Speaking to Fox News’ “Sunday Morning Futures,” Trump said fuel prices could stay “around the same, or maybe a little bit higher,” as Americans continue to face higher costs at the pump. The average price of regular gasoline in the US has exceeded $4 per gallon for most of April, according to GasBuddy data.
Trump’s remarks follow weeks of claims that the price spike would be temporary, although officials have privately acknowledged concerns over the war’s economic consequences.
Earlier on Sunday, the US president announced on social media that the US Navy would begin blockading the Strait of Hormuz and intercept vessels paying what he described as “illegal tolls” to Iran. The move came after weekend talks between the US and Iran in Pakistan failed to produce a peace agreement.
Trump warned that “no one who pays an illegal toll will have safe passage on the high seas,” escalating tensions further in the already volatile maritime corridor. Analysts say the blockade could deepen uncertainty around the conflict, which is being held together by a fragile two-week ceasefire.
The war, which began on February 28 with a US-Israeli bombing campaign against Iran, has since expanded across the region, with Iranian and allied forces striking nearby countries and Israel intensifying attacks on Hezbollah positions in Lebanon. The conflict has caused thousands of civilian deaths and significant disruption to global energy markets, pushing oil prices up by about 50%.
The economic fallout has also begun to weigh on Trump’s domestic standing. Public opinion polls indicate the war is increasingly unpopular among Americans, particularly amid rising fuel costs. His approval rating has reportedly fallen to its lowest point in his second term, raising concerns among Republicans ahead of the midterm elections.
Opposition lawmakers have criticized the administration’s strategy. Senator Mark Warner, ranking Democrat on the Senate Intelligence Committee, questioned the effectiveness of the planned blockade, arguing it is unlikely to force Iran to change its position or restore stability to global energy flows.
Other lawmakers acknowledged that the conflict could be prolonged. Republican Senator Ron Johnson said achieving US objectives in Iran may take a long time, describing the situation as a “long-term project.”