Oil Prices Exceed US$104; Trump: High Prices May Persist Until Midterm Elections
Former President Trump stated that high oil prices might continue until the midterm elections. Following the breakdown of US-Iran talks, the US ordered a naval blockade of the Strait of Hormuz, leading to a surge in crude oil prices.
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- 📰 Published: April 13, 2026 at 09:35
- 🔍 Collected: April 13, 2026 at 10:00 (25 min after Published)
- 🤖 AI Analyzed: April 13, 2026 at 10:31 (31 min after Collected)
Reuters reported that when Trump, while in Miami for the weekend, was asked on Fox News's "Sunday Morning Futures with Maria Bartiromo" if oil and gasoline prices would fall back by the fall, he responded: "Possibly, or about the same, or maybe a little higher, but it should stay at the same price."
According to GasBuddy, an oil price tracking website, the average price of regular gasoline at US gas stations has exceeded US$4 per gallon for most of April. According to GasBuddy, the average gasoline price in the US was slightly below US$3 per gallon in February and had never exceeded US$3.25 per gallon in the past year.
Trump's remarks today followed weeks of him claiming that rising prices were only temporary, though officials said his top advisors were aware of the war's economic impact.
After marathon talks between the US and Iran in Pakistan failed to reach a peace agreement over the weekend, Trump announced earlier today on social media that the US Navy would blockade the Strait of Hormuz and intercept any ships paying transit fees to Iran. These announcements caused US benchmark crude prices to rebound, rising above US$100 per barrel today.
He wrote on his social media platform "Truth Social": "Anyone paying illegal transit fees will not have safe passage on the high seas."
Agence France-Presse reported that shortly after opening, May delivery prices for West Texas Intermediate (WTI) crude rose by about 8% to US$104.50 per barrel; international benchmark Brent crude for June delivery rose by 7% to US$102 per barrel.
Hours later, the U.S. Central Command stated that the blockade would be limited to ships entering and exiting Iranian ports, and the US military would not intercept ships entering and exiting non-Iranian ports.
Reuters pointed out that with the Middle East conflict still in a fragile two-week ceasefire, a US blockade could add uncertainty to a final resolution. This new strategy was in response to Iran's actions in closing critical shipping lanes in the Strait of Hormuz, a move that has already caused global oil prices to surge by about 50%.
Mohammad Baqer Qalibaf, the speaker of the Iranian parliament who led the Iranian delegation in the talks, posted on social media later today that the blockade would push up US gasoline prices. He wrote on social media X: "Enjoy your current oil prices now." He also attached a map showing gasoline prices in Washington. He said: "Under the so-called 'blockade,' you will soon miss gasoline at $4 to $5 a gallon." (Editor: Chang Hsiao-Wen) 1150413
According to GasBuddy, an oil price tracking website, the average price of regular gasoline at US gas stations has exceeded US$4 per gallon for most of April. According to GasBuddy, the average gasoline price in the US was slightly below US$3 per gallon in February and had never exceeded US$3.25 per gallon in the past year.
Trump's remarks today followed weeks of him claiming that rising prices were only temporary, though officials said his top advisors were aware of the war's economic impact.
After marathon talks between the US and Iran in Pakistan failed to reach a peace agreement over the weekend, Trump announced earlier today on social media that the US Navy would blockade the Strait of Hormuz and intercept any ships paying transit fees to Iran. These announcements caused US benchmark crude prices to rebound, rising above US$100 per barrel today.
He wrote on his social media platform "Truth Social": "Anyone paying illegal transit fees will not have safe passage on the high seas."
Agence France-Presse reported that shortly after opening, May delivery prices for West Texas Intermediate (WTI) crude rose by about 8% to US$104.50 per barrel; international benchmark Brent crude for June delivery rose by 7% to US$102 per barrel.
Hours later, the U.S. Central Command stated that the blockade would be limited to ships entering and exiting Iranian ports, and the US military would not intercept ships entering and exiting non-Iranian ports.
Reuters pointed out that with the Middle East conflict still in a fragile two-week ceasefire, a US blockade could add uncertainty to a final resolution. This new strategy was in response to Iran's actions in closing critical shipping lanes in the Strait of Hormuz, a move that has already caused global oil prices to surge by about 50%.
Mohammad Baqer Qalibaf, the speaker of the Iranian parliament who led the Iranian delegation in the talks, posted on social media later today that the blockade would push up US gasoline prices. He wrote on social media X: "Enjoy your current oil prices now." He also attached a map showing gasoline prices in Washington. He said: "Under the so-called 'blockade,' you will soon miss gasoline at $4 to $5 a gallon." (Editor: Chang Hsiao-Wen) 1150413
FAQ
What is the current price of oil according to the article?
US benchmark crude prices have rebounded and risen above US$100 per barrel, with West Texas Intermediate (WTI) crude for May delivery reaching US$104.50 per barrel.
What did Donald Trump predict about future oil and gasoline prices?
Donald Trump suggested that oil and gasoline prices might stay at the same price, possibly fall back by the fall, or perhaps increase slightly.
How have US gasoline prices changed recently, according to GasBuddy?
The average price of regular gasoline in the US has exceeded US$4 per gallon for most of April, a significant increase from being slightly below US$3 per gallon in February.
What action did Donald Trump announce regarding the Strait of Hormuz?
Donald Trump announced on social media that the US Navy would blockade the Strait of Hormuz and intercept ships paying transit fees to Iran.
What clarification was provided by the U.S. Central Command regarding the blockade?
The U.S. Central Command clarified that the blockade would be restricted to ships entering and exiting Iranian ports, not those entering or exiting non-Iranian ports.