President Trump acknowledged higher fuel costs will persist for a period but said the conflict has had less economic impact than anticipated.
8:32 PM
President Donald Trump said Thursday that Americans should anticipate higher gas prices "for a little while" as a result of the ongoing Iran war, though he did not specify how long the price increases would last.
Speaking to reporters in the Oval Office during a health-care affordability event, Trump said he is in no rush to negotiate a peace deal with Tehran. He claimed the war has had less of an impact on both stock markets and oil prices than he had initially expected.
"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 when asked how much longer the war will continue.
Trump said he had anticipated oil prices would rise significantly higher. "I thought oil would go up to maybe $200 a barrel. And oil is a very different number than anyone thought," he said. "In fact, this country is much lower [than others] because we have all the oil we can use."
Brent oil futures rose approximately 3 percent on Thursday, closing at $105.07 per barrel.
The International Energy Agency warns Europe has limited jet fuel supplies as Middle East conflict disrupts oil shipments, threatening summer travel.
Brent crude fell below $90 a barrel after Iran declared the strategic waterway completely open for commercial traffic during the Israel-Lebanon ceasefire.
The German airline is reducing short-haul flights through October due to surging jet fuel costs caused by Middle East conflict and Strait of Hormuz closure.
Russia's Foreign Minister said Moscow can help fill energy gaps for China amid Middle East conflict and rising oil prices.
President cites October 7 attacks and nuclear concerns as reasons for conflict that began February 28.
President Trump extended a temporary truce with Iran pending submission of a unified proposal, while keeping U.S. military blockade in place.
