Crude prices slip as Trump tells other countries 'go get your own oil'

 Elevated oil prices could remain a big problem for the stock market even if the Iran war ends. It all comes down to the Strait of Hormuz.

Gas prices at the pump topped $4 a gallon for the first time since August 2022 on Tuesday, according to data from AAA. Crude benchmarks were holding steady after a report that President Donald Trump is willing to end the war in Iran.

Brent international futures were down 0.5% to $106.90 a barrel and West Texas Intermediate U.S. futures slipped 0.4% to $102.43 a barrel.

The moves came as investors are betting that the conflict in the Middle East could soon end.

Trump told aides that he is willing to wind down the military campaign even if the Strait of Hormuz remains largely closed, The Wall Street Journal reported late Monday, citing administration officials.

Trump on Tuesday criticized the U.K. and other allies for declining to take part in the attacks on Iran, adding that their options now were either to buy oil from the U.S. or go to the Strait of Hormuz and “just TAKE IT.”

“Iran has been, essentially, decimated. The hard part is done. Go get your own oil!,” the president wrote on Truth Social.

Defense Secretary Pete Hegseth declined to offer a definitive timeline for the conflict or rule out a ground invasion in a news conference Tuesday morning, though he said negotiations are ongoing.

“The upcoming days will be decisive. Iran knows that, and there’s almost nothing they can militarily do about it,” Hegseth said. “If Iran is wise, they will cut a deal.”

A spokesperson for Iran’s foreign ministry denied that negotiations had taken place in a social media post Monday. Intermediaries, including Pakistan, had submitted a set of proposals and a request for talks, the translated post said.

As long as the Strait of Hormuz remains at least partially blocked, oil prices could remain at or close to the triple-digit level. That could still pose a problem for the stock market in the months ahead.

Asked whether the U.S. would control the waterway after the conflict, Hegseth echoed Trump, urging other countries to do more to open the strait.

Separately, Iran’s parliament has approved a plan to collect tolls on vessels traveling through the waterway, The Journal reported, citing Iranian state media.

Before the war, about 20% of the world’s oil and natural gas passed through the key shipping corridor.

The majority of those crude shipments were headed for Asian refineries, and countries there have already taken steps to try to limit energy usage. Bangladesh’s government has shut universities, while Pakistan and the Philippines have introduced shortened workweeks.

Trump may soon declare victory—but until the U.S. and its allies reopen the Strait of Hormuz, measures like those could remain necessary.