Trump: Iranian navy ‘at bottom of sea’, Hormuz to stay open

President Donald Trump said on Thursday that he is not concerned about rising petrol prices in the US caused by the deepening conflict with Iran, adding that his priority is US military operations.

‘I have no concerns. When this is over, prices will drop very quickly, and if they rise, they rise but this is much more important than a slight increase in petrol prices,’ he told Reuters.

The president said he does not plan to draw on strategic oil reserves and is confident the Strait of Hormuz will remain open because the Iranian navy is ‘at the bottom of the sea’.

Global oil prices have risen by 16 per cent since the war began on Saturday, as the spreading conflict has disrupted supplies from the Middle East. According to AAA, a US travel organisation that tracks fuel prices, the average price of petrol in the country has risen by 27 cents since last week. The national average is now 15 cents higher than a year ago.

Trump said prices ‘haven’t gone up very much’. Political analysts say rising petrol prices could hurt Republicans in the November elections.

(reuters, est)