The White House: The War on Iran Temporarily Raised Oil Prices
The administration of President Donald Trump sought yesterday, Tuesday, to calm American fears about rising energy costs due to the U.S. war on Iran, asserting that the recent spike in oil and gas prices is temporary, and that military operations may contribute to lowering prices in the long run.
Oil prices rose on Monday to over $119 a barrel, the highest level since June 2022, driven by production cuts from Saudi Arabia and other producers, raising concerns about potential disruptions in global supplies.
This increase led to a decline in stock markets and threatened widespread economic damage, posing a challenge for Trump's Republican allies ahead of the midterm elections, as voters indicate that the cost of living is a major concern.
Caroline Levitt, White House spokesperson, said during a press conference:
"Rest assured, American people, the recent rise in oil and gas prices is temporary, and this process will lead to lower energy prices in the long run."
Crude oil prices fell yesterday, Tuesday, after the significant gains made on Monday, but the future trend of gasoline prices over the next nine months remains uncertain, especially with the upcoming elections that will determine control of Congress on November 3.
Reuters/Ipsos polls indicated that Americans were feeling anger over rising living costs even before the war, expressing their dissatisfaction with Trump's insufficient actions to address the issue.
Levitt confirmed that Trump and his energy team are closely monitoring the markets and communicating with industry leaders, noting that the U.S. military is considering additional options to ensure the Strait of Hormuz remains open, through which about 20% of daily global oil passes off the coast of Iran.
Regarding the timeline for the end of military operations, Levitt said:
"We know that the U.S. military and our brave fighters are executing these objectives swiftly and efficiently, exceeding the established timeline, but operations will continue until the Commander-in-Chief decides to achieve the military objectives."
She added that the U.S. military is currently working to dismantle Iranian missile production, and that U.S. B-2 bombers recently dropped 2,000-pound bombs on underground missile sites in Iran.
