President Donald Trump’s strikes on Iran have resulted in concern over oil prices, largely rooted in Iran’s control over the critical Strait of Hormuz, but the president and Republicans are insisting that the increase in oil prices is only temporary and will soon be controlled.

In the midst of the conflict, Iran has threatened to destroy oil tankers attempting to navigate the Strait of Hormuz, a narrow passage between the Persian Gulf and the Gulf of Oman, with Iran to the north and the United Arab Emirates (UAE) to the south. The Strait of Hormuz is responsible for carrying an estimated 20% of the world’s liquified natural gas (LNG) and 25% of the world’s seaborne oil trade annually. The passage has never been closed due to any previous Middle Eastern conflict.

Iran’s threat to destroy oil tankers has been accompanied by preparations to place mines in the Strait of Hormuz, with Trump threatening retaliation for the act if followed through on, although the president has noted that there is no indication that Iran has yet placed mines in the Strait. “If Iran has put out any mines in the Hormuz Strait, and we have no reports of them doing so, we want them removed, IMMEDIATELY!” Trump said in a Truth Social post Tuesday. He said that removing any mines placed in the Strait would be “a giant step in the right direction,” but warned, “If for any reason mines were placed, and they are not removed forthwith, the Military consequences to Iran will be at a level never seen before.”

Trump also threatened to use the same technology and weaponry that the U.S. Department of War has been using to target narco-terrorist vessels in the Western Hemisphere to destroy mine-laying craft in the Middle East. The president confirmed that the U.S. has hit and destroyed at least 10 mine-laying watercraft, while the International Maritime Organization and United Kingdom Maritime Trade Operations have reported that anywhere from 12 to 17 watercraft may have been struck, including tugboats, oil tankers, cargo ships, and others.

The closure of the Strait of Hormuz has prompted markets to react, escalating fears over imminently surging oil prices which would, inevitably, impact American consumers at the gas pump. In a press conference Tuesday, White House Press Secretary Karoline Leavitt attempted to allay Americans’ concerns over oil prices, pledging that “the recent increase in oil and gas prices is temporary, and this operation will result in lower gas prices in the long-term.” She continued, “Last night, President Trump reiterated his commitment toward keeping oil flowing through the Strait of Hormuz, so the United States and all of our allies can receive their energy needs. President Trump will not allow rogue Iranian terrorists to stop the freedom of navigation and the free flow of energy.”

Leavitt also confirmed that Trump is considering using U.S. warships to escort oil tankers through the Strait. “That’s an option the president has said he will absolutely utilize if and when necessary at the appropriate time.”

In addition to oil prices, energy security has also become a concern, as figures like Russian President Vladimir Putin have seemingly capitalized on the conflict and its impact on oil trade. Last week, Putin threatened to halt the export of Russian oil to the rest of Europe, effectively initiating a “gas war,” since Europe has historically relied heavily on Russian crude oil exports.

According to a Fox News report, Putin has also skirted international sanctions to conduct “semi-dark” vessel-to-vessel oil transfers in the Gulf of Oman. “The timing of the operation coincided with heightened military escalation in the Gulf following Operation Epic Fury, suggesting the vessel exploited regional instability to conduct the transfer under reduced scrutiny,” maritime intelligence firm Windward A.I. said in a report. Based on the estimated price of oil at the time ($90 per barrel), the Sunday maneuver likely resulted in the transfer of nearly $30 million in oil.

Other sources have sounded the alarm over Russia’s capacity to profit from the conflict, given its own significant reserves of fossil fuels. U.S. Treasury Secretary Scott Bessent temporarily lifted a ban on Indian refineries purchasing Russian oil, citing the impact of the Iran conflict. “This deliberately short-term measure will not provide significant financial benefit to the Russian government because it only authorizes transactions involving oil already stranded at sea,” Bessent noted. The Atlantic Council’s Peter Dickinson warned in an essay last week, “The scope for economic gains is obvious. With the Strait of Hormuz under threat and key energy export routes out of the Middle East facing major disruption, Russia stands to benefit more than most from rising oil and gas prices.”