Trump escalates Iran rhetoric

President Donald Trump on Friday urged Americans to accept slightly higher gasoline prices as the cost of preventing Iran from obtaining a nuclear weapon and said he would soon declare the Strait of Hormuz a US territory.

The comments underscore the growing political risk for Trump as higher fuel prices collide with his campaign promise to lower energy costs, with Democrats already seeking to make the economic fallout from the Iran war an issue heading into the November midterm elections.

In a speech in Garden City, Trump said Americans who had to "pay a tiny little bit more for your gasoline" should remember that this was the cost of ensuring "a very evil country" could not have a nuclear weapon.

"What we're doing is a great service for the world, not only for ourselves ... and we're really doing a great job," said Trump, adding he would never apologize for attacking Iran.

Around roughly 20% of global oil and LNG shipments usually pass through the Strait of Hormuz and the potential for long-term disruption has pushed up oil prices.

"After we finish defeating Iran ... pretty soon I'll be declaring the Hormuz Strait a territory of the United States," said Trump, escalating his rhetoric over the vital waterway.

It was unclear how seriously Trump intended the remark or whether it represented a new policy position.

The remarks come as the Strait of Hormuz remains a critical pressure point for global energy markets.

Oil prices have risen this week, with Brent crude approaching $90 a barrel, while US gasoline prices have climbed to around $4 a gallon.