President Trump stated on Monday that oil prices will drop significantly once the war with Iran is won. The declaration arrives as Americans face record-high fuel costs, with the national average for gas hitting 4.15 dollars per gallon on Labor Day, as reported by The Hill. This surpasses the previous record of 3.82 dollars per gallon established in 2012. Diesel prices also reached a new high on Friday, climbing to an average of 5.85 dollars per gallon.
The current energy market struggles because Tehran has closed the Strait of Hormuz. This action has blocked one-fifth of the global oil supply from leaving the Middle East, leading to a surge in prices that has persisted for more than six months.
