Trump claims he 'loves inflation,' says oil prices will plummet after Iran war

U.S. President Donald Trump expressed an unusual sentiment regarding inflation, telling reporters he "loves inflation" even as consumer prices have risen above 4%. This statement comes at a critical time, with Republicans concerned that rising living costs could hurt their prospects in the upcoming November midterm elections.

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I love the inflation.

Trump reiterated his belief that oil prices will plummet once the conflict in Iran concludes, likening the potential drop to a falling stone. He also discussed approving a secret plan to allow oil tankers through the Strait of Hormuz, an action he deemed successful in mitigating risks associated with rising costs and worsening inflation.

Despite the current inflationary pressures, which could hinder the Federal Reserve's ability to lower interest rates, a policy Trump has advocated for, he remains focused on resolving the situation with Iran. The president framed the military actions as a "short interlude" and a national security issue. However, the disruption in the Strait of Hormuz has already driven up costs for gasoline, fertilizer, and other goods, exacerbating inflation.

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When all of this is over, you will see oil prices return to their original levels. Oil prices are falling, and they will fall as fast as a stone.

Trump's past electoral success was partly built on promises to reduce inflation, a key concern for American voters. While efforts to restore normal shipping through the Strait of Hormuz are stalled, industry experts warn of potential oil price shocks in the coming weeks that could destabilize financial markets. Even with a swift agreement with Iran, supply chain recovery is expected to take months, potentially disrupting markets throughout 2026.

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I will not consider the financial situation of Americans. I will not consider anyone's situation. I am only thinking of one thing: we cannot let Iran have nuclear weapons.