Shipping through the Strait of Hormuz nearly stopped after attacks on two tankers, pushing Brent crude toward $90 a barrel and U.S. gasoline to about $4 a gallon. President Donald Trump told Americans to accept the higher prices as the cost of stopping Iran from getting a nuclear weapon, while U.S. drillers added an oil rig this week.
Shipping traffic through the Strait of Hormuz nearly stopped Friday after two vessels owned by the state-controlled Abu Dhabi National Oil Company were attacked Thursday while passing through the waterway, according to the United Arab Emirates' state news agency WAM. Transit levels fell below the monthly average for the week, and the UAE government called the incident an Iranian attack.
US rig count climbs to highest level since May 2025
Baker Hughes reported Friday that energy companies added one oil rig this week, bringing the total active count to 455 — the highest level since May 2025. Rig counts serve as an indicator of future crude oil production levels.
U.S. refiners are projected to have 163,000 barrels per day of capacity offline next week, according to IIR Energy, matching the level seen this week.
Trump tells Americans to accept the cost
President Donald Trump on Friday urged Americans to accept slightly higher gasoline prices as the cost of preventing Iran from obtaining a nuclear weapon, and said he would soon declare the Strait of Hormuz a U.S. territory.
Trump said in a speech in Garden City, New York, according to Reuters: "pay a tiny little bit more for your gasoline". He added he would never apologize for attacking Iran.
Gasoline pain adds to political risk
Roughly 20% of global oil and LNG shipments usually pass through the Strait of Hormuz, and the potential for long-term disruption has pushed prices higher this week. Brent crude has approached $90 a barrel, while U.S. gasoline prices have climbed to around $4 a gallon.
The comments underscore growing political risk for Trump, whose promise to lower energy costs now collides with rising fuel prices, as Democrats seek to make the economic fallout from the Iran war an issue heading into the November midterm elections.
Sources: Commodities & Futures News, Commodities & Futures News
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