The American public will see oil and gas prices drop rapidly, White House press secretary Karoline Leavitt said on Tuesday, once the objectives of the joint Israeli-U.S. air war against Iran are fully achieved.
"Rest assured, to the American people, the recent increase in oil and gas prices is temporary, and this operation will result in lower gas prices in the long term," Leavitt told reporters.
Oil prices on Monday surged to more than $119 a barrel - their highest since June 2022 - as supply cuts by Saudi Arabia and other producers stoked fears of major disruptions to global supplies.
Leavitt added that Trump and his energy team were closely watching the markets, speaking with industry leaders, and that the U.S. military was drawing up additional options in line with the president's directive to keep the Strait of Hormuz open.
The deliberations reflect White House worries that the surge in oil prices - following more than a week of U.S. and Israeli strikes on Iran - will hurt U.S. businesses and consumers ahead of the November midterm elections, when Trump's fellow Republicans hope to retain control of Congress.