Trump urges Americans to pay ‘a little bit more’ for gas as Hormuz crisis with Iran deepens

US President Donald Trump has urged Americans to accept higher gasoline prices as the cost of the continuing conflict with Iran, even as Tehran refused to back down over the Strait of Hormuz and prospects of renewed peace negotiations remained bleak.

Speaking at a political event in Garden City, New York, Trump said Americans paying "a tiny little bit more" for gasoline was a price worth bearing to ensure Iran did not acquire a nuclear weapon.

The remarks come as disruption to oil shipments through the Strait of Hormuz continues to push up energy costs. The waterway handled about one-fifth of global oil supplies before the US-Iran conflict began on February 28.

Gas prices climb

The average price of a gallon of gasoline in the US stood at about $4.08 on Friday, roughly 29 per cent higher than a year earlier, according to data cited by Reuters from the American Automobile Association.

The increase has added to inflationary pressure and presents a political challenge for Trump, who had repeatedly promised lower energy costs.

Defending the economic impact of the war, Trump linked the higher prices directly to his administration's objective of preventing Iran from possessing a nuclear weapon.

He also escalated his rhetoric over the Strait of Hormuz, claiming the US had "total control" of the strategic passage and suggesting that Washington could eventually declare it American territory after Iran was defeated.

Trump said ships could not pass through the waterway without US approval. Tanker traffic through the strait has fallen sharply amid the confrontation, disrupting shipments of crude oil, natural gas and petroleum products.

Iran rejects US claims

Tehran, however, has rejected Trump's claims over the waterway.

Iranian Deputy Foreign Minister Kazem Gharibabadi said the Strait of Hormuz would be opened and closed only by Iran, maintaining that Tehran would determine the conditions governing passage through the strategically important route.

Iranian Foreign Minister Abbas Araghchi also said Tehran had not yet decided to resume negotiations with Washington. He maintained that the US would have to meet Iran's conditions before shipping could resume normally through the strait.

Progress towards peace talks remains stalled, with neither side showing signs of backing down from its principal demands.

Trump has alternated between threats of further escalation and predictions that a peace agreement could eventually be reached. His latest comments, however, suggest that the administration is preparing Americans for the possibility that high energy costs could persist as long as the confrontation continues.

The Strait of Hormuz remains central to the economic fallout from the conflict because of its importance to global energy supplies. Any prolonged disruption risks keeping international oil prices elevated and increasing pressure on consumers well beyond the United States.