US President Donald Trump said on Sunday that oil and gasoline prices may stabilize at their current high levels until the midterm congressional elections next November.
During an interview with Fox News from Miami, where he was spending the weekend, Trump answered a question about the possibility of oil and gas prices falling by the fall, saying: “It may happen, and it may remain the same, or rise a little, but it will not go far.”
Data issued by Gas Buddy indicate that the average price of regular gasoline at American gas stations has exceeded four dollars per gallon during most periods since the beginning of April.
Trump’s statements come weeks after he stressed that the rise in prices is temporary, despite officials saying that his senior advisors are aware of the economic effects resulting from the war.
Earlier on Sunday, Trump announced on social media platforms that the US Navy would begin to impose its control on the movement of all ships trying to enter or leave the Strait of Hormuz, and that it would intercept any ship that paid fees to Iran, after the failure of lengthy talks between Washington and Tehran in Pakistan to reach a peace agreement.
He wrote on his account on “Truth Social”: “There will be no safe passage on the high seas for anyone who pays illegal fees.”
Any US blockade is likely to increase uncertainty surrounding the possibility of reaching a final settlement to the conflict, which is currently witnessing a fragile ceasefire for two weeks. This step comes as a response to Iran’s closure of vital shipping lanes in the strait, which led to a rise in global oil prices by about 50 percent. (Al Ain)
