US-Israel-Iran War Latest Live News: The conflict between the US and Iran is moving outside the battlegrounds and into American homes. The president of the United States, Donald Trump, has encouraged Americans to take the higher cost of gas as a necessity in light of the fight going on to stop Iran from gaining access to the nuclear bomb while this is happening, the crisis involving the Strait of Hormuz is putting pressure on the key energy corridor of the world.
US-Israel-Iran War Latest Live News: Trump Defends Higher Gasoline Prices
In an address to a political rally in Garden City, New York, Trump said that Americans might be required to pay a “little more” for gas. This was after the average cost of gas hit about $4.08 per gallon in the United States on August 14, 2022, which is an increase by 29% compared to last year, according to data from AAA. The challenge for American voters who are already suffering due to higher costs of living is clear.
At a political rally in Garden City, New York, Trump said that paying “a tiny little bit more for your gasoline” would be worth the cost of ensuring “a very evil country” could not have nuclear weapons.
He further alleged that he would be “declaring” Hormuz “a territory of the United States” after America defeats Iran. Progress towards a ceasefire has stalled even as Iran, over the past few days, reiterated that it has not resumed talks with the US. Owing to this, oil tanker traffic through the strait also remained halted.
US-Israel-Iran War Latest Live News: Strait of Hormuz Crisis Threatens Global Energy
Strait of Hormuz plays an essential role in the world energy supply chain. According to US Energy Information Administration, oil shipments in the strait stood at an average of 20.9 million barrels per day during the first half of 2025, which amounts to about 20% of the world petroleum liquids consumption. In addition, 11.4 billion cubic feet per day of liquefied natural gas was also shipped across the strait, which amounts to over 20% of world LNG trade and that dependence explains why disruption in Hormuz can rapidly translate into higher energy prices worldwide.
The crisis over the waterway, critical to crude oil and natural gas shipping, deepened even as Iran said it “will be opened and closed only under” its command. “…So long as you do not accept the reality of defeat and stop indulging in fantasies, Iran will continue to enforce the blockade,” Iran’s deputy foreign minister Kazem Gharibabadi said on X.
US-Israel-Iran War Latest Live News: Iran Rejects US Pressure
Iran continues to disregard all the demands from Washington, claiming that the ownership of the waterway is an internal issue of sovereignty. The Iranian officials have argued that the navigation will not return to normal without meeting some of the conditions. According to the Iranian foreign minister, Abbas Araghchi, Iran has not made any decision on resuming negotiations with the United States.
US-Israel-Iran War Latest Live News: Oil Markets Feel the Shock
The financial markets have already reacted to the uncertain situation while Brent crude oil prices were expected to gain 6% on the week, WTI was forecast to advance by 5.4% according to the latest reports. In addition, the crude futures rose by $1 per barrel last Friday. The risk is that the ongoing disruption will transform the geopolitical crisis into an inflation one.
The stalled talks has sparked inflation and disappointed voters in the US, Reuters reported, with the average price of a gallon of gasoline at $4.08 on Friday, up 29% from a year earlier, according to the American Automobile Association. Crude oil futures rose $1 a barrel on Friday. Benchmark Brent futures were on track for a weekly rise of 6.0% and West Texas Intermediate 5.4%.
US-Israel-Iran War Latest Live News: Diplomacy Emerges as Key to Easing the Economic Impact of Conflict
Although the idea of allowing consumers to pay more for fuel sounds like a strategy-driven approach, it fails to address the economic impact of the crisis. Any prolonged closure of the Hormuz waterway could bring economic challenges for households, firms, and governments all around the globe. The only way of solving the issue is by preventing it from being permanent while ensuring safe passage and restarting negotiations will help solve the problem much better than any political statement.
Disclaimer: This article is based on reported developments and available data; casualty, market and conflict figures can change as new information emerges.
