Donald Trump has suggested when oil prices could fall, with the US revealing a new national average.
Oil costs have surged in recent weeks amid the conflict involving the US, Israel and Iran.
After repeated strikes on several Iranian cities and key facilities, Iran has launched retaliatory missile and drone attacks across the region, including in parts of the Arabian Gulf and against US bases.
One of the biggest drivers behind the price spike, however, has been Iran’s move to block the Strait of Hormuz.
The waterway is a major choke point for global energy trade, with roughly a fifth of the world’s oil shipments transiting the narrow passage. Disruptions there can hit many markets, including supplies headed toward South Asia.
Trump has now weighed in with his view on when prices might ease again.
Newsweek reported that when asked by Fox News about whether oil prices were set to come down, he said: “I hope so. I mean, I think so. It could be, it could be. Or the same. Or maybe a little bit higher. But it should be around the same, I think this won’t be that much longer.”
He also reiterated his intention to continue what he called “Operation Epic Fury,” telling Fox Business host Maria Bartiromo: “I think this won’t be that much longer. They’re wiped out, Maria.
“They’re wiped out, and you don’t get a fair shake. We need a free and fair press in this country, and I don’t even know why people would do that. Why would they say how wonderful they’re doing militarily, they’re doing so well?”
Despite the broader instability, oil has dipped following talks between Iran and the US.
According to the BBC, on Tuesday Brent crude dropped about 3.8 percent to roughly $95.54, while West Texas Intermediate fell 6.1 percent to $92.85.
Even with that pullback, prices remain well above where they were before the US and Israeli confrontation with Iran, when oil was closer to $70 per barrel.
Higher crude prices tend to filter through the global economy, and they have also contributed to higher fuel costs for US drivers.
NBC News reports the current national average for gas is around $4 per gallon.
Time magazine reports that figure is about a 38 percent increase since Trump’s war with Iran began on February 28.
CBS News reported that the national average reached $4 a gallon on March 31, marking the first time it has hit that level since 2022.