Washington DC [US], April 13: US President Donald Trump said on Sunday that oil and gasoline prices could remain elevated through November's congressional midterm elections, amid ongoing tensions linked to the conflictwith Iran.
Speaking to reporters, Trump said prices may "stay the same or rise slightly" in the coming months, signaling limited short-term relief for consumers.
US gasoline prices have averaged above $4 per gallon for most of April, according to data from GasBuddy, reflecting continued pressure on global energy markets.
Trump's remarks come weeks after he described the surge in fuel prices as temporary, even as his administration acknowledges the broader economic impact of the conflict.
Earlier Sunday, Trump announced that US naval forces would move to block vessels paying transit fees to Iran through the Strait of Hormuz, following unsuccessful talks between the two sides. The move is expected to add further uncertainty to global oil markets, already affected by disruptions in the vital shipping lane.
Global oil prices have surged sharply in recent weeks amid the escalating tensions.
With the November elections approaching, rising fuel costs are emerging as a key political issue in the United States.
Trump's comments come at a time when energy markets remain highly sensitive to geopolitical developments in the Middle East, with traders closely monitoring any escalation that could further disrupt global oil supply chains. The Strait of Hormuz, a key transit route for a significant share of the world's crude shipments, continues to be a focal point of market concern amid heightened military activity in the region.
Analysts say any prolonged uncertainty around shipping routes and regional stability could keep oil prices elevated in the near term, feeding through into higher retail fuel costs in the US and adding to inflationary pressures as the election seasonapproaches.
Some analysts, however, note that markets may gradually stabilise if tensions ease or alternative supply routes continue to function effectively, which could help moderate price pressures over time. Until then, fuel prices are likely to remain closely tied to geopolitical developments, keeping energy costs in focus for both policymakers and consumers.
Source: Qatar Tribune
