Trump claims oil crisis hits world harder than US

Despite the current spike in oil prices due to halted shipments through the Strait of Hormuz, President Donald Trump said the conflict with Iran would eventually lower oil prices, noting that the supply disruption hits other countries far harder than the US.

"The Strait of Hormuz is going to remain safe," he said at a news briefing, adding that they are putting an end to all of this threat once and for all and that the result will be lower oil and gas prices for American families, according to foreign media.

He downplayed the impact on US consumers from the spike in oil prices, asserting that the supply shortage “affects countries much more than it does the United States.”

“Doesn’t really affect us,” he added. “We have so much oil.”

Trump further suggested he had expected oil prices to rise more than they already have. 

“I knew oil prices would go up if I did this, and they’ve gone up probably less than I thought they’d go up,” he stated.

Global oil prices surged after US and Israeli strikes on Iran, briefly approaching $120 per barrel on March 9 before falling slightly. This jump has already translated into higher gas prices, increasing costs for American drivers.

He also warned shipping companies hesitant to navigate the Strait of Hormuz, declaring that “the price will be incalculable” for Iran if it attempts to target any vessels.

By Jeyhun Aghazada