Trump: "Oil Prices May Rise Temporarily... Will Normalize After Operations End"

IRGC: "Strait of Hormuz Closed"

Global Oil Prices Surge... Rising Concerns Over Inflation

President Trump (right) and Chancellor Merz of Germany met at the White House. Photo by UPI

On March 3 (local time), U.S. President Donald Trump acknowledged concerns that international oil prices could be impacted by the U.S. and Israeli airstrikes on Iran. However, he stated that once the military operations against Iran conclude, oil prices would normalize.

During a bilateral meeting at the White House with German Chancellor Friedrich Merz, President Trump was asked about the issue by reporters. He responded, "Oil prices may be a bit higher for a short time, but as soon as this is over, prices will go down, and I even think they could fall below previous levels."

U.S. military operations against Iran, now in their fourth day, have heightened military tensions around the Strait of Hormuz, which accounts for about 20% of global crude oil shipments, to their peak.

Earlier, Major General Ebrahim Javari of Iran's Islamic Revolutionary Guard Corps (IRGC) warned, "The Strait of Hormuz is now closed," adding, "We will sink any vessels attempting passage and prevent even a single drop of oil from being exported, which will raise international oil prices to $200 per barrel."

This content was produced with the assistance of AI translation services.