Donald Trump offered an explanation for skyrocketing oil prices as the United States war with Iran entered its second month. The president and his administration addressed one of the most pressing economic concerns facing Americans, pointing fingers at a familiar enemy while critics questioned whether the full picture was being presented.
Donald Trump puts the blame on Iran for oil prices
President Donald Trump blamed Iran for surging oil prices during his prime-time address on Tuesday, according to NBC News. “This short-term increase has been entirely the result of the Iranian regime launching deranged terror attacks against commercial oil tankers,” Trump said.
Average U.S. gas prices surpassed $4 a gallon, up from $2.46 per gallon when the war began on February 28, NBC News reported. Brent crude hovered around $107 a barrel, rising more than 45% since Operation Epic Fury launched (via PBS)
Iran’s closure of the Strait of Hormuz has disrupted roughly a fifth of the world’s oil supply. Tehran also attacked a Kuwaiti oil tanker off Dubai, sparking a fire that authorities later extinguished.
Stock markets reacted negatively to Trump’s address, NBC News reported. S&P 500 futures slid 0.75%, Nasdaq futures dropped 1%, and Dow futures fell more than 310 points. U.S. crude oil surged from $98 to nearly $104 per barrel during the speech.
Trump directed frustration at allies unwilling to support the U.S. war effort. “You’ll have to start learning how to fight for yourself, the U.S.A. won’t be there to help you anymore,” Trump wrote on Truth Social, “Go get your own oil!”
Trump told nations relying on the Strait of Hormuz oil to secure passage for themselves. “They must cherish it. They must grab it and cherish it, they can do it easily,” he said, according to NBC News.
Sen. Richard Blumenthal criticized Trump for offering “no real plan” to reopen the strait, NBC News reported. The conflict has killed more than 3,000 people since February 28, per the Associated Press.
Originally reported by Vritti Johar on Mandatory.com.
