President Donald Trump acknowledged Sunday that American consumers might not see relief at the gas pump in the immediate future, following his announcement of a naval blockade in the Strait of Hormuz.
During an appearance on “Sunday Morning Futures,” the president suggested that while he expects energy costs to drop eventually, the initial stages of the escalating conflict with Iran could keep prices elevated or even push them higher.
The interview followed a morning Truth Social post where Trump confirmed the U.S. Navy would move to blockade the critical maritime chokepoint.
This decision came on the heels of statements from Vice President JD Vance, who informed reporters that diplomatic negotiations with Iran in Pakistan had reached a standstill. When host Maria Bartiromo asked directly if fuel prices were headed down, Trump offered a cautious outlook.
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“Well, it’s going to be eventually— it’s going to be lowered. No, it might not happen initially, but it’s going to go down when this is all over,” Trump said. He pivoted to the performance of the financial markets, noting that the Dow had hit 50,000 and the S&P 500 reached 7,000 during his first year, milestones he claimed exceeded expert predictions.
The president framed the economic risk as a necessary trade-off to prevent Iran from obtaining nuclear capabilities. He argued that the market impact of a nuclear conflict would be far more devastating than the current volatility.
“I’ve got to stop this country from having a nuclear weapon. You want to see a stock market go down? Let a couple of nuclear bombs be dropped on us, or frankly, anyplace else,” Trump told Bartiromo. He characterized the late Iranian leadership as “radical” and a “maniac,” insisting that the global threat outweighed short-term price fluctuations.
Market data reflects the tension of “Operation Epic Fury.” WTI Futures Crude Oil closed Friday at $96.57, a sharp increase from the $67.02 recorded on Feb. 27, just before the conflict began. Despite this $30 jump, Trump remarked that “the gas hasn’t gone up as much as I thought.”
When pressed by Bartiromo on whether prices would stabilize before the November midterm elections, the president remained non-committal.
“I hope so. I mean, I think so, it could be. It could be the same, or maybe a little bit higher, but it should be around the same,” he said. Observers noted Bartiromo appeared visibly surprised by the admission that prices might rise further.
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The situation on the water remains precarious. Iran declared Thursday that it would only allow 12 ships to pass per day, provided they pay tolls in Chinese yuan or cryptocurrency.
Iranian officials also claimed to have laid mines in the waterway but admitted they do not know the exact locations of the explosives. Trump stated that U.S. Navy vessels are currently tasked with clearing those mines, asserting that Iran’s military capabilities are “wiped out” despite what he described as a lack of fair coverage by the press.
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