President Trump Says Higher Gas Prices Expected for a Little While Due to Iran War

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. 07 per barrel. 85 per barrel. Brent crude has increased to nearly $120 per barrel from about $72 per barrel before the war began. 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. 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.

Trump asserted that temporarily higher prices would lead to a deal preventing Iran from obtaining a nuclear weapon. He stated that Iran's military, including its navy, has been destroyed. S. Navy Secretary is leaving the Trump administration.