President Trump says oil companies should continue using Strait of Hormuz
President Trump has encouraged oil companies to use the Strait of Hormuz, as it is a key battleground in the escalating conflict with Iran.
Americans are paying more as gas prices soar in states in the wake of U.S. and Israeli airstrikes on Iran that began on February 28th. Iran retaliated by closing the Strait of Hormuz, disrupting global oil trade.
As of March 11, U.S. states have recorded increases in regular gasoline prices compared to a month ago, ranging from 30 cents more in Hawaii to 87 cents more in Arizona, according to AAA data.
The national average price reached $3.58 per gallon, an increase of 23% from the previous month. This monthly spike ranks as the ninth largest since 2020, when USA TODAY analyzed AAA data using a 30-day rolling window.
USA TODAY previously reported that consumers will begin to feel financial pressure as gas prices reach $3.50 per gallon.
As the conflict continues, prices are expected to rise further due to supply constraints and widespread economic uncertainty.
The conflict continued as of March 11, with three ships reportedly targeted in the Strait of Hormuz. In less than two weeks, more than 1,000 people have been killed in Iran and across the region, including seven U.S. military personnel.
The dead included at least 175 people, most of them children, who were at a girls’ school in southern Iran when a US Tomahawk missile struck the building on February 28, The New York Times reported, citing a US military investigation.
The Strait of Hormuz carries about 20% of the world’s oil trade. President Donald Trump is facing pressure to address rising gas prices and his administration’s Iran strategy.
Oil prices fell on Tuesday after President Trump’s comments that the war was “very complete” and would be over “soon,” but rose about 5.1% on Wednesday after reports that Iran threatened to cause further disruption to oil supplies.
Analysts say that while oil prices can fluctuate quickly, pump prices tend to lag those changes. That means relief to gas stations could be delayed even if oil prices fall.
According to the U.S. Energy Information Administration, crude oil accounts for about half of what people pay at the pump. The other half includes refining, distribution and marketing, and taxes.
