The average price of a gallon of gasoline in the United States has jumped nearly 30 cents in the past week, reaching $4.30, amid escalating tensions in the Strait of Hormuz and a diplomatic standoff with Iran. Former President Donald Trump has claimed that prices will fall once a war with Iran begins, a statement that has drawn both criticism and scrutiny from economists and energy experts.
The sharp increase reflects the impact of a partial blockade in the Strait of Hormuz, a critical chokepoint for global oil shipments, as well as failed negotiations between Washington and Tehran. Analysts warn that further conflict could disrupt supply chains even more, potentially pushing prices higher in the short term despite Trump's assurances.