Transportation Secretary Sean Duffy on Sunday said that U.S. consumers could see a rapid decline in gasoline prices if shipping through the Strait of Hormuz resumes normally.
Duffy said during an interview on ABC News's "This Week" that restoring access to the key oil transit route would likely ease market pressure quickly, though full price stabilization would take longer.
"Once the Strait opens, you'll see prices come down, come down immediately," Duffy said.
He added, "And again, there's going to be a tail to that. It's going to take time to get back to where we were before this conflict began, but you're going to see, I think, immediate relief once the Strait opens."
Trump said on Truth Social that multiple countries have requested U.S. assistance to help free commercial ships reportedly stuck in the Strait of Hormuz amid ongoing Middle East tensions. He said the ships belong to neutral nations that are not involved in the regional conflict and described the situation as affecting "innocent bystanders."
Trump stated the U.S. will help guide vessels safely through the waterway under a plan he called "Project Freedom," which he said will begin Monday morning. Trump also said discussions with Iran are ongoing and could lead to positive developments, framing the effort as a humanitarian step to help crews and companies facing shortages on board. He added that the operation is intended to support safe passage for commercial shipping and ease disruptions in global trade. He warned that any interference with the initiative would be met with forceful consequences.
U.S. gas prices had climbed to $4.43 per gallon, up 61% since December, as oil briefly spiked to $126 a barrel amid rising Iran-related tensions disrupting global supply routes, including the Strait of Hormuz. The Kobeissi Letter estimated the increase had added about $90 billion in annual gasoline costs for Americans compared to a $3-per-gallon baseline. In California, prices had already topped $6 per gallon near record highs, while diesel costs also remained elevated despite easing slightly from previous peaks.
