President Donald Trump addressed reporters on March 20th regarding the ongoing conflict with Iran and its impact on global energy markets, noting that he had anticipated even higher oil prices amid recent tensions. Speaking about rising oil prices, Trump said, “I expected worse. I really thought I thought that oil prices would go much higher when I did this. We just set every record every record in the book with Dow with the S&P now at 50,000. S&P at 8,000 7,000 at levels and at speed like nobody’s ever seen before. But I said I have to go off in that path and I have to take a little journey. We have to get the and he would agree but he’s not going to say it and this is not safe by what I’m doing with that guy. But we had to go off on a sec and take care of business and we have we are in the process of doing it and I’ll tell you I think we’re weeks ahead of schedule.”
Trump on High Gas Prices: I expected worse. I really thought oil prices would go much higher. pic.twitter.com/LrQmjAUb3G
— Acyn (@Acyn) March 20, 2026
Trump’s remarks came as U.S. Central Command continues Operation Epic Fury, a campaign launched on February 28th aimed at dismantling Iran’s security infrastructure. The operation has targeted command centers, missile sites, Iranian Navy vessels, and air defense systems, involving thousands of combat flights and multiple aircraft, ships, and missile systems. The campaign has contributed to significant disruption of energy flows through the Strait of Hormuz, a critical chokepoint for global oil shipments.
Since the start of the conflict, crude oil prices have surged above $100 per barrel, reflecting both the closure of the Strait of Hormuz by Iranian forces and fears of prolonged disruption to global supply. Traders and consumers have expressed frustration at rapidly rising gas prices, with markets factoring in not just immediate supply disruptions but also the potential for extended geopolitical instability in the region. Despite these pressures, Trump signaled that the U.S. remains ahead of schedule in its military objectives and expressed confidence in the resilience of the domestic economy.
Trump emphasized that while the United States does not rely on the Strait of Hormuz for its energy needs, other countries, including European nations, Japan, Korea, and China, do. He suggested that international partners should increase their involvement in safeguarding the route, noting that the U.S. has acted decisively with available resources but cannot fully assume responsibility for global energy security.
The spike in oil prices coincides with additional market pressures, including drone strikes on Kuwaiti refineries and Iraq’s declaration of force majeure on its oilfields. While the International Energy Agency released emergency reserves, investors have priced in prolonged supply disruptions. Despite these developments, Trump highlighted record highs in domestic stock indices, framing the economic impact as manageable and asserting that the administration’s actions were undertaken with full awareness of the potential costs.