President Donald Trump on Tuesday acknowledged that elevated energy prices have pinched Americans' wallets, and he pointed to that as one reason Republicans stumbled in the midterm elections.

Speaking by phone with Fox News after results showed Democrats securing key victories, Trump defended his administration's policies. "We have, think of it, the wealth that this nation's made in the last short period of time," he said, adding that the U.S. was "losing $25 trillion" under former President Joe Biden.

Trump also touted "tens of trillions of dollars of investment coming" into the U.S. "We actually have the greatest economy," he said. Then came the admission: high gas prices had muddied the picture.

"Because of the gasoline price, people don't see it as much as they would have without it. And the gasoline was caused by Iran," he said.

The numbers back up the pain at the pump. According to data collected by the American Automobile Association (AAA), the national average price of gas was $4.1239 per gallon on Wednesday. Diesel remained above $6 per gallon at $6.2748, a slight decline from Tuesday's $6.2875.

Trump Hails Naval Blockade

Trump also hailed the U.S. naval blockade on Iran, saying oil was moving out of the Strait of Hormuz, echoing Treasury Secretary Scott Bessent's earlier claims. "Navy blockade will go down in the annals of history as being incredible as a military maneuver," he said.

Iran's Ghalibaf Mocks Trump

Following the midterm results, Iran's Parliament Speaker Mohammad Bagher Ghalibaf said the outcome was proof that Americans had rejected Trump's Iran war. "Conscience or the cost of living, Americans said NO TO WAR, and we endorse this message," Ghalibaf wrote in a post on X.

Ghalibaf also warned that further military action by the U.S. could open the door to a "new battlefield" in the war after the U.S. conducted strikes on Iran's Qeshm Island.