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Trump Says Higher Gas Prices Expected Due to Iran War
President Donald Trump stated that Americans should expect higher gas prices for a short period due to the ongoing war with Iran. He indicated no rush to reach a peace deal with Tehran and noted that the impact on stocks and oil prices has been less than anticipated. This comes as a survey shows most Americans have reduced spending because of elevated gas prices.
Apr 23, 5:35 PM·2m read4 sources
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President Donald Trump stated on April 23, 2026, that Americans should anticipate higher gas prices for a little while as a result of the war with Iran. He made the remarks during an event in the Oval Office. Trump did not specify a timeline for the price increases.
Trump said he is not rushing to make a peace deal with Tehran. He stated that the war has had less impact on stocks and oil prices than expected. The stock market is at an all-time high, according to Trump, who thought it would decline by 20 to 25 percent.
noted that oil prices are lower than anticipated, mentioning that he expected prices to reach $200 per barrel. Brent oil futures rose about 3% on April 23, 2026, closing at $105.07 per barrel. West Texas Intermediate futures advanced around 3% to close at $95.85 per barrel.
Brent crude has increased to nearly $120 per barrel from about $72 per barrel before the war began. Trump stated that the U.S. has sufficient oil supplies, keeping prices lower compared to other countries.
The war began when Israel attacked Iran on February 28, 2026. The Trump administration initially expected the conflict to last four to six weeks. With the war now in its second month, Trump described taking out the country militarily in the first four weeks and now waiting for a potential deal.
Trump stated that if no deal is reached, he would address the remaining 25% of targets militarily. He mentioned having total control in the Strait of Hormuz, which has been affected by Iranian attacks and a U.S. naval blockade. Trump said he rejected a proposal from Tehran to reopen the strait to increase pressure for a deal.
A majority of Americans have cut spending due to high gas prices, according to the CNBC All-America Economic survey released on April 23, 2026. Gas prices have risen more than 30% to over $4 per gallon since the war started, as reported by AAA. Survey respondents expect the higher prices to last at least six months.
