Trump: Expect Higher Gas Prices Due to Iran Conflict
President Donald Trump advised Americans to prepare for sustained high gasoline prices following the conflict with Iran. Speaking on April 23, 2026, Trump stated he is not rushing a peace deal with Tehran, while noting that the impact on stock and oil markets was less severe than expected. Despite his comments, gas prices had risen over 30%, and oil futures showed significant increases. Trump suggested these temporary costs would be offset by a future agreement preventing Iran from obtaining nuclear weapons. Public sentiment, however, showed that many Americans are already cutting spending due to the high cost of fuel.
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President Donald Trump stated that Americans should anticipate elevated gasoline prices for an extended period following the conflict with Iran. During remarks at the White House on April 23, 2026, Trump addressed the economic fallout, particularly concerning energy costs and diplomatic timelines.
Stance on Peace Negotiations and Oil Prices
Trump indicated that he is not in a hurry to finalize a peace agreement with Tehran. Despite the ongoing conflict, he noted that the impact on financial markets and oil prices was less severe than initially anticipated.
He stated that the stock market was currently at an all-time high, contrary to his expectation of a 20-25% decline.
Regarding oil, he suggested the price would not reach the $200 per barrel mark, attributing the current stability to U.S. domestic reserves.
Market Data and Price Increases
Despite Trump's assurances, market data showed significant increases in energy costs leading up to his remarks:
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Gasoline Prices: According to AAA, gas prices had surged by over 30% to exceed $4 per gallon since the conflict began.
Oil Futures: On Thursday, Brent oil futures rose approximately 3% to close at $105.07 per barrel. West Texas Intermediate (WTI) futures advanced around 3% to close at $95.85. Furthermore, Brent crude had climbed to nearly $120 a barrel, up from about $72 a barrel before the war started.
Economic Impact and Future Outlook
Trump linked the temporary price hikes to a future diplomatic reward: a deal preventing Iran from acquiring nuclear weapons, which he warned could destabilize the Middle East.
Meanwhile, public sentiment reflected financial strain:
A majority of Americans surveyed reported cutting spending due to the high cost of gasoline.
Survey respondents also indicated they expect these elevated prices to persist for at least six months.
This commentary marks a shift from earlier administration projections, which had estimated the conflict would last only four to six weeks, as the conflict entered its second month.
