President Donald Trump defended the economic impact of the conflict with Iran during a May 4, 2026, press interaction, describing elevated oil prices as a modest cost compared to the alternative of a nuclear-armed Iran.
While signing the restored Presidential Fitness Test proclamation, Trump responded to questions about gasoline prices reaching around $4.18 per gallon nationally, near four-year highs.
He noted shifts in global purchasing patterns, with countries turning to U.S. oil supplies as safer and reliable alternatives amid disruptions in the Strait of Hormuz. Trump said he had anticipated significant short-term price spikes but viewed current levels as manageable.
“I looked today, it’s like at 102. And that’s a very small price to pay for getting rid of a nuclear weapon from people that are really mentally deranged,” Trump stated.
The president recalled expecting oil to potentially reach $200 to $300 per barrel and would have accepted a 25 percent market drop as a success if achieved. He stressed the imperative of preventing Iran from developing nuclear arms, which he said they would use.
Disruptions from the conflict, including the effective closure of the Strait of Hormuz, had driven crude prices higher, contributing to refinery challenges and retail price increases.
Trump pointed to long-term benefits as markets adjust and buyers establish new habits favoring American energy. He argued that prior administrations had enabled Iran’s nuclear ambitions through cash payments and weak policies.
The comments arrived as the Pentagon estimated war costs at $25 billion so far, with energy markets remaining volatile. Trump maintained that the objective justified the temporary pain at the pump.
He reiterated that the U.S. military campaign had successfully neutralized Iran’s nuclear infrastructure in decisive strikes. This outcome, according to the president, protected not only the region but the wider world.
Trump expressed confidence that prices would eventually decline further as Project Freedom escorts ensure safer transit and alternative supplies stabilize markets.
His stance framed the economic trade-offs as necessary and temporary in service of a larger strategic victory against a dangerous adversary.