Trump Not in a Hurry for Peace with Iran, Admits Oil Prices Will Stay High in the Short Term
U.S. President Trump stated that Americans should expect higher oil prices for "a while" due to the war with Iran, but emphasized he is not rushing to reach a peace agreement. He claimed the impact on the stock market and oil prices was less severe than he initially anticipated, while polls show 80% of Americans are cutting back on spending due to high gas prices.
📋 Article Processing Timeline
- 📰 Published: April 24, 2026 at 14:22
- 🔍 Collected: April 24, 2026 at 14:31 (9 min after Published)
- 🤖 AI Analyzed: April 24, 2026 at 20:21 (5h 49m after Collected)
Major News on the US-Iran War
Central News
(CNA, Washington, 23rd, Composite Foreign Report) U.S. President Trump stated today that, affected by the war with Iran, the American public should expect to pay higher oil prices for "a period of time," though he did not specify the exact duration.
However, according to a report by U.S. financial media CNBC, Trump also stated that he is not in a hurry to reach a peace agreement with the authorities in Tehran, while claiming that the war's impact on the stock market and oil prices has been smaller than he originally expected.
When a reporter asked how long the war would last, Trump told the media in the Oval Office: "I must be honest, the stock market is currently at an all-time high. I originally thought it would fall by 20% to 25%."
Trump said: "I originally thought oil prices might rise to $200 a barrel. But the oil prices are very different from what everyone expected. In fact, our country's oil prices are much lower (than other countries) because we have enough oil for our own use."
The international benchmark Brent North Sea crude futures price rose about 3% today, closing at $105.07 a barrel. The U.S. benchmark West Texas Intermediate (WTI) crude futures price rose about 3%, closing at $95.85 a barrel. Brent North Sea crude has soared from $72 a barrel the day before the war broke out to nearly $120 a barrel.
Trump also claimed today that the temporary high oil prices will ultimately result in a deal that prevents Iran from acquiring nuclear weapons, otherwise Iran would "try to blow up one of our cities, or blow up the entire Middle East."
The latest poll released this morning by the CNBC All-America Economic survey showed that the vast majority of Americans said they have reduced spending due to soaring oil prices. The national poll of 1,000 people found that nearly 80% of respondents changed their consumption habits because of skyrocketing oil prices. The poll was conducted from April 15 to 19, with a margin of error of 3.1%.
According to the American Automobile Association (AAA), since the start of the war, gasoline prices have surged by more than 30%, reaching over $4 per gallon. Most respondents also indicated they expect high oil prices to last for at least 6 months.
Since the U.S. and Israel first launched attacks on Iran on February 28, the Trump administration had repeatedly stated it expected the war to last about 4 to 6 weeks. As the conflict now enters the end of its second month, Trump adjusted his forecast for the timeline.
Speaking about Iran in the Oval Office, Trump said: "I defeated this country militarily. In the first four weeks, I took them down using military means. Now, what we are doing is waiting and seeing what kind of deal (can be reached)."
"If they don't want to make a deal, then I will use military means to resolve the remaining 25% of the targets." Trump later added: "I don't want to rush. I want to take it slow. We have plenty of time."
Trump repeatedly boasted that Iran's military had been destroyed, including its navy. He also emphasized that the U.S. has "complete control" over the Strait of Hormuz. During the war, Iranian attacks led to the blockade of the Strait of Hormuz; recently, the U.S. also carried out a retaliatory naval blockade against Iranian ports.
In his speech today, he claimed he rejected Tehran's proposal to reopen the Strait of Hormuz because the blockade increases their financial pressure, forcing the other side to reach a deal.
Speaking of Iran, Trump said: "They should have opened it 3 days ago. They came to us and said 'we will agree to open the strait'."
Trump said: "Therefore, I am the one keeping the Strait of Hormuz closed. We have fully controlled it, and the strait will only be opened when they reach a deal or when something else very positive happens." (Compiled by: Zhang Xiaowen) 1150424
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Central News
(CNA, Washington, 23rd, Composite Foreign Report) U.S. President Trump stated today that, affected by the war with Iran, the American public should expect to pay higher oil prices for "a period of time," though he did not specify the exact duration.
However, according to a report by U.S. financial media CNBC, Trump also stated that he is not in a hurry to reach a peace agreement with the authorities in Tehran, while claiming that the war's impact on the stock market and oil prices has been smaller than he originally expected.
When a reporter asked how long the war would last, Trump told the media in the Oval Office: "I must be honest, the stock market is currently at an all-time high. I originally thought it would fall by 20% to 25%."
Trump said: "I originally thought oil prices might rise to $200 a barrel. But the oil prices are very different from what everyone expected. In fact, our country's oil prices are much lower (than other countries) because we have enough oil for our own use."
The international benchmark Brent North Sea crude futures price rose about 3% today, closing at $105.07 a barrel. The U.S. benchmark West Texas Intermediate (WTI) crude futures price rose about 3%, closing at $95.85 a barrel. Brent North Sea crude has soared from $72 a barrel the day before the war broke out to nearly $120 a barrel.
Trump also claimed today that the temporary high oil prices will ultimately result in a deal that prevents Iran from acquiring nuclear weapons, otherwise Iran would "try to blow up one of our cities, or blow up the entire Middle East."
The latest poll released this morning by the CNBC All-America Economic survey showed that the vast majority of Americans said they have reduced spending due to soaring oil prices. The national poll of 1,000 people found that nearly 80% of respondents changed their consumption habits because of skyrocketing oil prices. The poll was conducted from April 15 to 19, with a margin of error of 3.1%.
According to the American Automobile Association (AAA), since the start of the war, gasoline prices have surged by more than 30%, reaching over $4 per gallon. Most respondents also indicated they expect high oil prices to last for at least 6 months.
Since the U.S. and Israel first launched attacks on Iran on February 28, the Trump administration had repeatedly stated it expected the war to last about 4 to 6 weeks. As the conflict now enters the end of its second month, Trump adjusted his forecast for the timeline.
Speaking about Iran in the Oval Office, Trump said: "I defeated this country militarily. In the first four weeks, I took them down using military means. Now, what we are doing is waiting and seeing what kind of deal (can be reached)."
"If they don't want to make a deal, then I will use military means to resolve the remaining 25% of the targets." Trump later added: "I don't want to rush. I want to take it slow. We have plenty of time."
Trump repeatedly boasted that Iran's military had been destroyed, including its navy. He also emphasized that the U.S. has "complete control" over the Strait of Hormuz. During the war, Iranian attacks led to the blockade of the Strait of Hormuz; recently, the U.S. also carried out a retaliatory naval blockade against Iranian ports.
In his speech today, he claimed he rejected Tehran's proposal to reopen the Strait of Hormuz because the blockade increases their financial pressure, forcing the other side to reach a deal.
Speaking of Iran, Trump said: "They should have opened it 3 days ago. They came to us and said 'we will agree to open the strait'."
Trump said: "Therefore, I am the one keeping the Strait of Hormuz closed. We have fully controlled it, and the strait will only be opened when they reach a deal or when something else very positive happens." (Compiled by: Zhang Xiaowen) 1150424
Stand with the facts, every sponsorship from you is the power to guard press freedom.
Download the CNA "First-hand News" APP to grasp the latest news instantly.
The text, pictures, and audio/video on this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.