U.S. President Donald Trump addressed the nation on Friday, urging Americans to accept a slight increase in gasoline prices as a necessary measure to prevent Iran from acquiring nuclear weapons. He also mentioned plans to designate the Strait of Hormuz as U.S. territory. These statements highlight a growing political challenge for Trump as higher fuel costs clash with his pledge to reduce energy expenses, leading Democrats to capitalize on the economic impacts of the Iran conflict ahead of the upcoming November elections.

During a speech in Garden City, N.Y., Trump emphasized that the incremental rise in gasoline costs was a small sacrifice to prevent a “very evil country” from obtaining nuclear capabilities. He defended his administration’s actions, stating that the efforts were beneficial not only for the U.S. but for the world as a whole. Trump asserted his unwavering stance against Iran, stating that he would not apologize for confronting the nation.

Approximately 20% of global oil and LNG shipments typically traverse the vital waterway of the Strait of Hormuz, leading to concerns about potential disruptions and subsequent oil price hikes. Trump further escalated tensions by suggesting the possibility of declaring the Strait of Hormuz as U.S. territory in the future, although the seriousness and implications of this statement remain unclear.

In response to Trump’s remarks, Kazem Gharibabadi, Iran’s deputy foreign minister, dismissed the idea of external control over the strait, emphasizing that Iran would maintain authority over its operations. The ongoing tensions surrounding the Strait of Hormuz continue to impact global energy markets, with oil prices climbing, including Brent crude nearing $90 US per barrel and U.S. gasoline prices reaching around $4 US per gallon.