Trump dismisses oil price spike concerns as 'small price to pay' for Iran military action

As oil prices spiked to $119.50 per barrel (NYMEX crude) amid the Iran conflict and disruptions in the Strait of Hormuz, President Trump posted on Truth Social dismissing concerns about rising prices. He stated that higher oil prices were 'a small price to pay' for the military action against Iran, claiming 'There is not an oil shortage' and 'Prices will drop again soon.' Trump asserted the war was 'ahead of schedule' and would end soon, suggesting Venezuelan shipments could help stabilize prices. This came as markets experienced significant volatility, with oil prices swinging from nearly $120 per barrel back toward $90, while Americans faced gas price increases of approximately $0.40-0.60 per gallon at the pump during an active military conflict. Energy economists noted that Strait of Hormuz disruptions typically create supply constraints affecting global oil markets, contradicting Trump's 'no shortage' claim.

"There is not an oil shortage. Prices will drop again soon. A small price to pay." — Posted on Truth Social as oil prices reached $119.50/barrel amid Iran conflict and Strait of Hormuz disruptions