Trump speech fuels pain as gas hits $5, diesel nears record

NEW YORK — U.S. President Donald Trump's address to the nation on Wednesday, in which he vowed more aggressive strikes on Iran, has put consumers on course for record fuel prices at the pumps just ahead of the country's peak summer travel season, market experts said. Americans expected Trump's speech to outline a plan to end the Iran war and reopen the Strait of Hormuz, as Iran's blockade of the global oil conduit has sent oil and fuel prices skyrocketing, pinching consumers' wallets. But instead, Trump vowed to bomb Iran back into the "Stone Ages" and said the strait would just open "naturally" when the war ends. The comments sent U.S. crude oil prices surging more than 10% on Thursday, and U.S. average retail gasoline prices are now set to climb to between $4.25 and $4.45 a gallon by next week after crossing $4 a gallon for the first time since 2022 at the start of this week, said Patrick De Haan. The pain could worsen. If there is no viable plan to reopen the Strait of Hormuz, the U.S. average price of gasoline will likely cross $5 a gallon and hit record levels within a month, De