President Trump said Sunday that increasing prices of oil are \u201ca very small price to pay\u201d for \u201csafety and peace\u201d amid the U.S. conflict with Iran.<\/p>\n\n\n\n
\u201cShort term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,\u201d Trump said in a Sunday evening Truth Social post.<\/p>\n\n\n\n
\u201cONLY FOOLS WOULD THINK DIFFERENTLY!\u201d he added.<\/p>\n\n\n\n
The U.S. conflict in Iran caused a recent surge in domestic oil and gas prices, with the U.S. national average for a gallon of regular gasoline going up by 14 percent between last week and Saturday, per data from AAA.<\/p>\n\n\n\n
Iran has effectively closed off the Strait of Hormuz, the narrow maritime passageway that ushers roughly 20 percent of global oil supply from the Persian Gulf to the Indian Ocean and beyond.<\/p>\n\n\n\n
Trump is mindful of economic concerns, as voters have consistently ranked affordability near the top of issues they face ahead of the midterms. The Treasury Department has said they will soon release plans to mitigate the rising energy costs.<\/p>\n\n\n\n
West Texas Intermediate crude oil was more than $91 a barrel as of 4 p.m. EST Friday, rising $10 on that day. Brent crude \u2014 the international benchmark \u2014 rose $7 to $92 during the same time period.<\/p>\n\n\n\n