Trump: The Strait of Hormuz is No Longer a Reason for Rising Gas Prices

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While negotiations between Washington and Tehran remain stalled, U.S. President Donald Trump stated that the Strait of Hormuz is no longer the main factor behind rising gasoline prices, in his latest remarks regarding the importance of the strategic corridor for the global energy market.

Trump said in a post on his platform "Truth Social" on Monday that "the Strait of Hormuz is no longer what raises gasoline prices, because record numbers of barrels are now being exported from it almost daily, but the word 'oil refineries', as Ukraine blows up Russian oil refineries, and American oil refineries in Democratic states, like California, are being shut down by the Democrats," as he put it.

Trump's reference to Russian refineries comes at a time when Ukraine has intensified drone attacks on Russian energy facilities, particularly oil refineries, in an attempt to limit Moscow's ability to produce fuel and the energy revenues that fund the war.

Meanwhile, the Kremlin vowed that "Ukraine will pay the price for bombing oil refineries."

The statements come at a time when oil exports from the Middle East, excluding Iran, have surpassed pre-war levels last week, despite attacks targeting tankers in the Strait of Hormuz, according to data released by the maritime tracking company Kpler.

For the first time since the outbreak of the war in the Middle East with the United States and Israel launching their attack on Iran in late February, the average weekly flows of non-Iranian crude oil coming from Gulf countries and Iraq through Hormuz rose for several consecutive days last week, exceeding the pre-war rate of 18 million barrels per day.

Since the outbreak of the conflict, Iran has claimed that it controls the strait, while Washington has imposed and continues to maintain a suffocating maritime blockade on Iranian ports, while Iran demands that ships wishing to cross the strait obtain its approval.