Now that the situation in Iran is thoroughly complex—enough that it could take months or even years to solve, according to some analysts—Donald Trump is attempting to convince the nation that America doesn’t need Iran, the Middle East, or the Strait of Hormuz at all.
Per Trump’s speech Wednesday night, the $25 billion sum spent on the war thus far has instead been in an attempt to “help our allies.”
“We’re now totally independent of the Middle East, and yet we are there to help,” Trump said. “We don’t have to be there. We don’t need their oil. We don’t need anything they have. But we’re there to help our allies.”
Beyond the nickels and dimes, the war has cost the lives of more than 1,937 people in Iran, including dozens of political leaders, according to Al Jazeera. At least 13 U.S. soldiers have also been killed in the war, and more than 300 have been wounded. White House press secretary Karoline Leavitt insisted Monday that the conflict would be resolved in the coming weeks, though military officials have indicated that the war could rage for months or even years.
Even before Trump initiated American involvement in the war, Iran—and the Middle East at large—accounted for less than 10 percent of U.S. oil imports. Most of America’s oil, approximately 60 percent of it, comes from Canada.
But the price per barrel has nonetheless shot up, particularly after Iran sealed off the Strait of Hormuz, which serves as the single most important energy transit point in the world. (Oil prices are set globally, not by the individual countries that export it.) Situated between Iran and the United Arab Emirates, the strait funnels approximately one-fifth of all crude oil shipments.
Most of that oil would head toward China or India. In 2024, the U.S. imported roughly 500,000 barrels of crude oil per day through the strait, accounting for about 7 percent of total U.S. crude imports, according to the U.S. Energy Information Administration.
On Tuesday, gas prices surpassed $4 a gallon across the nation for the first time since 2022, but Trump’s speech late Wednesday made the matter even worse. Several comments made by the president about potentially escalating the war rattled the markets, sending the price of oil surging by 13 percent.
Trump attributed the preceding increase in oil prices to the “Iranian regime launching deranged terror attacks against commercial oil tankers and neighboring countries that have nothing to do with the conflict.” He then promised to “hit” Iran “extremely hard.”
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