President Donald Trump on Monday rejected his energy secretary’s projection that U.S. gas prices would not fall below $3 per gallon until next year, asserting prices will drop immediately once hostilities with Iran conclude.
Energy Secretary Chris Wright had previously cautioned that it was uncertain whether prices would dip below $3 this year or next due to ongoing disruptions in the Strait of Hormuz, noting prices have likely peaked and should begin declining with a resolution of the conflict. Treasury Secretary Scott Bessent had earlier indicated gas prices could enter the $3 range as early as summer, highlighting a growing divide within the administration over relief timelines.
Global oil markets surged recently amid Iran’s restrictions on shipping through the Strait of Hormuz—a critical artery for energy supplies. U.S. gas prices climbed above $4 per gallon for the first time since 2022, according to the American Automobile Association. Following the U.S. seizure of an Iranian vessel near the strait Sunday, Brent crude reached approximately $94 per barrel while West Texas Intermediate traded near $88.
Trump emphasized that the U.S. blockade against Iran is inflicting heavy economic losses: “They lose $500 million a day with the blockade up.” Vice President JD Vance is expected to lead a U.S. delegation to Islamabad for talks with Pakistani and Iranian officials, though Iran’s Foreign Ministry has not confirmed participation in negotiations.
