Trump says higher oil prices 'small price to pay' for safety amid Iran conflict
Mar 9th 2026
President Trump said Sunday that higher, short term oil prices are "a very small price to pay" for "safety and peace" as U.S.-Iran tensions push fuel costs higher and officials prepare measures to ease the impact.
- Trump posted on Truth Social that short term oil price increases are "a very small price to pay" for U.S. and world safety and peace.
- The U.S. national average for a gallon of regular gasoline rose about 14 percent between last week and Saturday, according to AAA.
- Iran has effectively closed the Strait of Hormuz, a route that carries roughly 20 percent of global oil supply.
- West Texas Intermediate crude rose to more than $91 a barrel and Brent to about $92, with WTI up $10 and Brent up $7 on Friday.
- The Treasury Department said it will soon release plans to mitigate rising energy costs amid voter concern about affordability ahead of the midterms.