Trump’s Remarks on Fuel Prices Amid Iran Conflict

President Donald Trump remarked that fuel prices are “not very high, relatively speaking,” despite the war with Iran impacting gas costs. Many Americans express displeasure with Trump’s response to the conflict, according to a new Reuters/Ipsos poll. The poll reveals 60% disapproval of U.S. military action in Iran, and most anticipate gasoline prices will continue to rise.

On June 10, AAA data showed the average price for regular gasoline was $4.15 per gallon, down from $4.26 the previous week and $4.52 a month earlier. A year ago, it stood at $3.12. The conflict has disrupted the oil supply through the Strait of Hormuz, contributing to a nearly 40% rise in regular gasoline costs. Recent figures indicate gas prices rose 7% in May after a 5.4% increase in April and a significant 21.2% rise in March.

“The numbers were great,” Trump commented, referring to the Consumer Price Index reporting a 4.2% annual inflation increase in May. “I love the inflation. You know why?”

Trump attributed efforts to reduce fuel prices to the U.S. extracting millions of barrels of oil from Iran. He also noted last month that Iran’s nuclear threat overshadowed Americans’ economic concerns. He urged patience in waiting for price relief, promising that current rates would not persist long-term.

The Reuters/Ipsos poll, which surveyed 4,531 Americans, found that 59% expect gas prices to worsen over the next year due to the conflict. This includes 83% of Democrats, 61% of Independents, and 34% of Republicans. Americans are increasingly pessimistic about the economy in 2026, with the University of Michigan’s consumer sentiment index reaching a record low since its inception over seventy years ago. According to Joanne Hsu, Director of Surveys of Consumers, 57% of respondents said high prices were impacting their finances.

There is a slight sigh of relief as fuel prices have declined since last month, sparking hopes of easing tensions in the Middle East and reports of some tankers leaving the gulf. “A lot of oil is coming out of the Hormuz Strait,” Trump mentioned following Game 3 of the NBA finals. “A lot of it is coming out, and if you notice, the price is not very high, relatively speaking. It’s lower than during the Biden administration, and he wasn’t stopping a country from having a nuclear weapon.”

In April, a barrel of crude oil was priced at $117.60, a little over a month into the conflict. As of June 10, it was at $90.30 per barrel. Although still high, it is not as extreme as March 2022’s peak of $130.50 per barrel, a result of Russia’s invasion of Ukraine which similarly constrained the global oil supply.

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