NewzPresident Trump stated on Monday that current increases in gasoline prices are being driven by domestic oil refinery disruptions rather than tensions surrounding the Strait of Hormuz. He asserted that the closure of the strait, which followed the onset of the U.S.-Israeli conflict with the Iranian regime, is not the primary factor behind the rising costs.
Trump emphasized that record production levels have mitigated the influence of the Strait of Hormuz on global oil supply. His comments serve to shift the focus of energy market volatility from geopolitical instability in the Middle East to operational challenges within the domestic refining sector.
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