President Trump says US Navy will close Strait of Hormuz after negotiations fail
Following the failure of peace talks between the United States and Iran, President Trump announced that the U.S. Navy would begin a blockade of the Strait of Hormuz.
President Donald Trump said oil and gas prices could continue to rise until the November midterm elections, hours after direct peace talks between the United States and Iran broke down.
In an April 12 interview, President Trump told Fox News’ “Sunday Morning Futures” host Maria Bartiromo: “It should be the same, maybe a little bit higher, but about the same.”
The comments came as gasoline prices soared by a record 21.2%, the largest monthly increase in history, according to a report released by the Bureau of Labor Statistics on April 10th. Gasoline prices rose 18.9% over the year.
The inflation rate rose sharply due to soaring gasoline prices, and the inflation rate rose 3.3% in March compared to the previous year.
As the Iran war enters its sixth week, affordability is a top concern for Americans. A new Pew Research Center survey conducted March 23-29 found that Americans are most concerned about the outcome of war: rising gasoline prices. About 7 to 10 Americans (69%) are concerned about rising gasoline and fuel prices as a result of U.S. military action against Iran, including 45% who say they are very concerned.
One of the impasses in the negotiations in Islamabad, Pakistan, is Iran’s control of the Strait of Hormuz, a vital waterway that accounts for 20% of the world’s oil supplies and has driven up fuel prices around the world.
The face-to-face talks, led by U.S. Vice President J.D. Vance and Iranian Parliament Speaker Mohammad B. Ghalibaf, lasted more than 21 hours and were facilitated by Pakistani Prime Minister Shehbaz Sharif.
President Trump’s comments on gas prices came just an hour after he announced a U.S. naval blockade of the Strait of Hormuz and threatened to destroy “what little is left of Iran.”
“Those who pay illegal tolls cannot safely navigate the high seas,” Trump wrote on Truth Social. “We will also begin destroying the mines the Iranians have laid in the straits. Iranians who fire on us or peaceful vessels will be blown to hell!”
