Summary
- President Trump said international oil and gasoline prices may not fall back to prewar levels by fall.
- The report said gasoline prices in most parts of the US have topped $4 a gallon, breaching a psychological threshold for inflation.
- The report said Trump's push for a counter-blockade of the Strait of Hormuz is aimed at pressuring Iran while also raising concerns that energy prices could rise further.
Forecast Trend Report by Period
President Donald Trump acknowledged that international oil prices may not return to prewar levels by the Nov. 11 midterm elections.
Reuters and other outlets reported on June 12 that Trump made the remarks in an interview with Fox News. Asked whether oil and gasoline prices would fall by fall, he said, "They could, they could stay the same, or maybe be a little higher."
He added that prices would probably remain near current levels overall.
Gasoline prices in most parts of the US have climbed above $4 a gallon in April. That level is widely regarded as a psychological threshold at which consumers begin to feel inflation more acutely.
After talks with Iran to end the war collapsed, Trump said in a social media post that he would pursue a counter-blockade of the Strait of Hormuz. US Central Command plans to begin enforcing the order at 10 a.m. Korea time on June 13, or 11 p.m. on June 12 in South Korea.
The measure is intended to pressure Iran economically by disrupting logistics flows through the Strait of Hormuz. It has also raised concerns that energy prices could rise further.
Han Kyung-woo, Hankyung.com reporter, case@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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