“Our inflation is just short-term,” Trump told reporters hours after consumer price inflation came in at 3.8% year-on-year, its highest level in three years.

“As soon as this war is over, which will not be long, you’re going to see oil prices drop,” he said.

The war on Iran, launched on Feb 28, has engulfed the Middle East in violence, with Tehran’s retaliatory action targeting US regional allies and virtually blocking the key Strait of Hormuz.

The halt in shipping through the waterway, which normally sees about a fifth of global oil and gas traffic, has seen energy prices skyrocket.

As of Tuesday, the average price of a gallon of regular gasoline in the US had risen about 51% since the start of the war, according to data from the AAA motor club.

The US Federal Reserve has a long-term 2% target for inflation, but policymakers have not achieved that level in more than five years. Inflation hit a recent peak of 9.1% in 2022.

Asked if Americans’ financial situation motivated him to make a peace deal with Iran, Trump offered a robust response.

“Not even a little bit. The only thing that matters when I’m talking about Iran: they can’t have a nuclear weapon,” he said.

“I don’t think about Americans’ financial situation, I don’t think about anybody.”