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On Sunday, President Trump described the rising oil prices as “a very minor cost” in exchange for “safety and peace” during the ongoing U.S. tensions with Iran.
In a Truth Social post that evening, Trump expressed confidence that “temporary oil prices, which will swiftly decrease once the Iran nuclear threat is neutralized, represent a negligible cost for the safety and peace of the U.S. and the world.”
He emphatically added, “ONLY FOOLS WOULD THINK DIFFERENTLY!”
The conflict with Iran has led to a noticeable increase in domestic oil and gas prices. According to AAA data, the national average price for a gallon of regular gasoline has surged by 14 percent from last week to Saturday.
Iran has effectively blocked the Strait of Hormuz, a critical maritime route that facilitates around 20 percent of the world’s oil supply from the Persian Gulf to the Indian Ocean and beyond.
Trump is mindful of economic concerns, as voters have consistently ranked affordability near the top of issues they face ahead of the midterms. The Treasury Department has said they will soon release plans to mitigate the rising energy costs.
West Texas Intermediate crude oil was more than $91 a barrel as of 4 p.m. EST Friday, rising $10 on that day. Brent crude — the international benchmark — rose $7 to $92 during the same time period.