President Donald Trump said Americans should expect higher gas prices "for a little while," though not providing a specific timeline, in connection with the ongoing Iran war.
Trump said he's in no rush to make a peace deal amid an extended ceasefire between the U.S. and Iran, while also claiming the war itself had less of an impact on stocks and oil prices than anticipated.
“I have to be honest, the stock market is at an all-time high right now. I thought it would have been down 20, 25 percent,” Trump told reporters in the Oval Office when asked how much longer the war would continue via CNBC. “I thought oil would go up to maybe $200 a barrel. And oil is a very different number than anyone thought,” Trump said. “In fact, this country is much lower [than others] because we have all the oil we can use.”
Brent oil futures increased by 3%, closing at $105.07 per barrel on Thursday (April 23) while West Texas Intermediate spiked to about 3% to close at $95.85, according to CNBC. The current average price of regular gas in the United States is $4.059, which is higher than the $4.031 average yesterday, as well as the $3.977 average one month ago and the $3.171 average one year ago, according to the American Automobile Association.
Trump said he ordered the U.S. Navy to "shoot and kill any boat" responsible for "putting mines in the waters of the Strait of Hormuz" in a post shared on his Truth Social account Thursday morning.
"I have ordered the United States Navy to shoot and kill any boat, small boats though they may be (Their naval ships are ALL, 159 of them, at the bottom of the sea!), that is putting mines in the waters of the Strait of Hormuz," Trump wrote. "There is to be no hesitation. Additionally, our mine “sweepers” are clearing the Strait right now. I am hereby ordering that activity to continue, but at a tripled up level! Thank you for your attention to this matter."
Trump's post followed the War Department's announcement that the U.S. military seized a Guyana-flagged tanker transporting Iranian oil in the Indian Ocean on Thursday (April 23) in a post shared on its X account.
"Overnight, U.S. forces carried out a maritime interdiction and right-of-visit boarding of the sanctioned stateless vessel M/T Majestic X transporting oil from Iran, in the Indian Ocean within the INDOPACOM area of responsibility." the post states. "We will continue global maritime enforcement to disrupt illicit networks and interdict vessels providing material support to Iran, wherever they operate. International waters cannot be used as a shield by sanctioned actors. The Department of War will continue to deny illicit actors and their vessels freedom of maneuver in the maritime domain."
The War Department's confirmation came after Hamidreza Hajibabaei, the deputy speaker of Iran's parliament, claimed that Iran, not the United States, was now making demands after the first revenues for newly implemented tolls on shipping through the Strait of Hormuz were deposited into the state's central bank.
"We have control over this Strait," Hajibabaei said during a public gathering in the western city of Kuhdasht via ABC News.
"If the United States continues on its current course, no vessels will pass through the Strait of Hormuz," he added. "We are not engaged in negotiations -- rather, we are making demands."
Alireza Salimi, also a member of the Iranian parliament, confirmed the deposit of revenues during an interview with Tasnim News Agency on Thursday (April 23).
"The amount collected from each ship depends on its cargo and level of risk they pose," Salimi said, according to the semi-official news outlet.
"Iran determines how much and how these fees are collected, in other words, we determine the rules," he added.
Iran blockaded the Strait of Hormuz, which serves as a vital waterway for trade along the Persian Gulf responsible for an estimated 20% of the world's oil supply traveling through, in response to the United States and Israel's 'Operation Epic Fury' prior to its ceasefire agreement and most recently due to Israel's failed truce with Lebanon. The blockade has led to gas prices soaring in the United States as the price of oil surpassed $100 per barrel multiple times.
Iran's comments on toll revene came days after Trump agreed to extend the ceasefire agreement with Iran ahead of its deadline Wednesday (April 22).
"Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal," Trump said. "I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other."
Trump had previously said he wasn't interested in extending the agreement if a deal wasn't met by the deadline and expected expected "to be bombing" while speaking to CNBC's Squawk Box hours prior on Tuesday.
