Updated April 12, 2026, 12:01 p.m. ET
President Donald Trump said the price of oil and gas could remain elevated before the midterm elections in November, hours after in-person peace talks between between U.S. and Iran failed.
“It could be the same or maybe a little bit higher, but it should be around the same,” Trump told Fox News’ “Sunday Morning Futures” host Maria Bartiromo in an interview on April 12.
The comment came on heels of a record 21.2% spike in gasoline prices, which marked the largest monthly increase in recorded history, according to a report released by the Bureau of Labor Statistics on April 10. Over the year, gas prices were up 18.9%.
The soaring gas prices caused a sharp uptick in inflation, which rose by 3.3% year-over-year in March.
Affordability has been a top concern for Americans as the Iran war enters its sixth week. A new Pew Research Center survey, conducted March 23-29, found that higher gas prices are the outcome that concerns Americans the most about the war. About 7-10 Americans (69%) are concerned about higher gas and fuel prices as a result of the U.S. military action against Iran, including 45% who are extremelyconcerned.
One of the sticking points in the negotiations held in Islamabad, Pakistan, has been Iran’s stranglehold over the Strait of Hormuz, a key channel for 20% of the world’s oil supply which has driven up fuel prices around the world.
The direct face-to-face meeting led by Vice President JD Vance for the U.S. and Speaker of Parliament Mohammad B. Ghalibaf for Iran lasted more than 21 hours and was facilitated by Pakistani Prime Minister Shehbaz Sharif.
Trump’s comments on gas prices came just an hour after Trump announced a U.S. naval blockade of the Strait of Hormuz and threatened to destroy “the little that is left of Iran.”
“No one who pays an illegal toll will have safe passage on the high seas,” Trump wrote on Truth Social. “We will also begin destroying the mines the Iranians laid in the Straits. Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL!”
