Oil Prices Surge Again, Trump Confident They Can Fall Despite Escalating Iran Conflict
Oil and gas prices have surged again amid escalating conflict between the United States (US) and Iran. Nevertheless, US President Donald Trump is optimistic that energy prices could stabilise or even fall ahead of this year’s midterm elections.
According to Al Jazeera, the global benchmark crude oil, Brent, soared more than 8% to breach $103 per barrel, equivalent to Rp1,751,000 (at an exchange rate of Rp17,000), on Sunday, 12 April 2026. This marks the first time prices have returned above the $100 level since briefly surpassing $111 per barrel, or about Rp1,887,000, the previous week.
In an interview on Sunday Morning Futures, Trump assessed that movements in oil and gas prices would remain under control despite rising geopolitical tensions. This statement came after Trump ordered US Navy forces to blockade ships attempting to enter the Strait of Hormuz on Sunday, 12 April 2026.
“I hope so. I think it could go down, it could stay the same, or maybe a little higher, but it should be in the same range,” Trump said, quoted from The Hill on Monday, 13 April 2026.
Trump emphasised that the military action is part of the strategy to confront Iran in the ongoing conflict. He claimed that the war with Iran would end soon.
“I think this (war) won’t last much longer. They (Iran) are already destroyed. They (Iran) will be annihilated,” Trump stated.
The US Navy’s blockade of tanker ships targets all vessels attempting to enter or exit the Strait of Hormuz. This route has been disrupted since the conflict erupted, with Iran previously imposing a ‘toll’ fee on passing ships.
The rise in global energy prices is immediately felt in the US. The average petrol price now stands at around $4.13 per gallon, up $0.50 from about $3.60 the previous month, according to AAA.
“Starting now, the United States Navy, the Best in the World, will begin the BLOCKADE process against all Ships attempting to enter, or leave, the Strait of Hormuz,” the president stated on Truth Social.
This energy price increase is a serious concern, especially ahead of the elections. The issue is being exploited by the Democratic Party as a weapon against the Republican Party, where Trump promised to lower the cost of living during his 2024 election campaign.