Trump calls rising fuel prices a 'small price' for US gains on Iran

US President Donald Trump has described the sharp rise in fuel prices in the United States as a "very small price" compared to what the country has achieved in its campaign against Iran, while predicting that gasoline prices will drop quickly in the near future.

Speaking at a campaign rally in Gastonia, North Carolina, in support of Republican Senate candidate Michael Watley, Trump said: "It's a small increase, and frankly, even if it were large..." He added: "But it will come down quickly," referring to gasoline prices, and predicted they would "move like rockets, but in the opposite direction."

Trump's remarks come as fuel prices continue to climb in the US market. Data from the American Automobile Association showed that the national average price for a gallon of regular gasoline reached $4.43 on September 17, up 16 cents from the previous week. The average diesel price was $6.40, an increase of about 42 cents in a week.

Energy price movements remain linked to ongoing instability around the Strait of Hormuz, which continues to impact oil markets and supplies.

In a client note, Natasha Kaneva, commodities analyst at JPMorgan, said the bank, for the first time since the start of the conflict with Iran, does not have a clear base case for the direction of oil markets. She added: "Simply put, we do not know how to model the endgame of this conflict."

The rise in energy costs has coincided with mounting pressures over the cost of living in the United States, an issue that has become central in campaign rhetoric ahead of the November elections.

In a New York Times/Siena College poll of 1,503 likely voters nationwide conducted between September 8 and 13, 62% of registered voters disapproved of Trump's handling of the economy, while 36% approved.

According to the poll's political findings, Republicans are facing pressure over the cost of living issue, while Democrats are focusing on it in their campaigns ahead of the November elections.