Gas prices spike as U.S. begins escorts; Trump says relief comes after war

Added: 2026-05-09

[00:00:01]The Trump administration says the US military is now operating in the Persian Gulf with two Navy destroyers moving through the Strait of Hormuz as part of a greater effort to help ships get traffic through the critical waterway.

[00:00:14]Iran has effectively blocked ship traffic in the Strait since the war began surging fuel prices worldwide.

[00:00:20]ABC's Christian Cordero has the latest from Washington.

[00:00:24]As the war with Iran enters its third month today two US Navy warships are in the Persian Gulf crossing through the critical Strait of Hormuz. The Pentagon says the ships are providing a defensive shield against potential sea mines coordinating with vessels that have otherwise been stuck near the Strait for weeks. It's part of what the administration has dubbed project freedom. President Trump on social media writes quote, we will guide their ships safely out of these restricted waterways so that they can freely and ably get on with their business. It's really going to come down to whether these captains, crew, ship owner and probably most importantly the insurers believe that these ships can get through without being attacked. If that if that's not the case then then it doesn't matter what project the US announced.

[00:01:09]Uh they have to have the confidence they can get through there. Iran calls Trump's effort delusional and previously vowed to attack US forces if they attempt to approach or interfere in the Strait of Hormuz. The Pentagon today denies a claim from Iranian state media that its revolutionary guard hit a US warship with two missiles. US Central Command posted no US Navy ships have been struck. Negotiations to end the war have not yet produced a deal beyond the current fragile ceasefire. Trump says US representatives are having positive discussions with Iran but then later said Iran's latest proposal is not acceptable.

[00:01:46]Here at home oil prices have fluctuated over the past two months with the average cost of a gallon of regular now up $1.49 compared to when the war began according to GasBuddy.

[00:01:57]Christian Cordero, ABC News, Washington.

[00:02:04]And you heard it there gas prices soaring here in the US as the war with Iran rages on reaching highs we haven't seen in almost four years. Oil prices ticking higher this morning around $105 a barrel. ABC's Rena Roy has the latest.

[00:02:20]10 weeks into the war with Iran and Americans are feeling the effects at the pump more than ever.

[00:02:26]Oil prices have soared reaching near four-year highs. The national gas average now around $4.43 nationwide according to GasBuddy. Prices up $1.30 compared to last year's average.

[00:02:39]>> Americans seem to be convinced that prices are going to [clears throat] drop. We're not seeing demand destruction. If anything we're seeing people probably fill up their tanks because they're pretty confident that the next load is going to be more expensive than the one they're getting now. A new ABC News Washington Post Ipsos poll finds 50% of Americans say they expect gas prices will get worse over the next year. Only 21% think they'll get better and 15% expect them to stay the same. President Trump has insisted oil and gas prices will drop as soon as the war ends and the Strait of Hormuz fully reopens.

[00:03:15]>> You're going to start to see immediate relief once the Strait opens and supply flows again.

[00:03:20]Uh we are going to be in a way better place.

[00:03:21]>> Oil analysts say even if the gridlock at the Strait ends tomorrow, it will take months to get supplies back online and more than a year for gas to go back to its pre-war level. That same poll finding 44% of Americans say they're now cutting back on driving. Many also reducing expenses overall. I I cut down on groceries a little bit cuz gas is just more of an expense I used to not think about it.

[00:03:46]Jet fuel prices are also on the rise nearly doubling since the war began which is bad news for anyone looking to travel this summer. Rena Roy, ABC News, New York.

[00:03:58]Right now the national average for gas sitting at $4.56.

[00:04:02]That's from up from $4.11 just one week ago. Here in the Commonwealth the average is 418. In North Carolina prices are sitting at $4.08 as the nation continues to navigate the impacts of the war.