Vessels near the Strait of Hormuz, as seen from Musandam, Oman, on Aug. 17, 2026. STR/Reuters
President Donald Trump on Sept. 27 said a record amount of oil was safely transported through the Strait of Hormuz the previous night.
“Last night, we took a record amount of oil out of the Hormuz Strait, more than we took out before the war,” Trump told reporters at the White House ahead of his trip to Chicago to attend the final day of the 2026 Presidents Cup at Medinah Country Club.
The president doubled down on his promise that oil and gas prices will dip in the future.
“Oil will come dropping down as soon as Iran gives up, as soon as the war is over, oil is going to come plummeting down and oil prices are coming down,” Trump said.
Trump suggested “oil is less expensive now than it was under the Biden administration.” That comparison holds for 2022, but does not otherwise match U.S. Energy Information Administration (EIA) annual averages. The EIA is the federal government’s official energy statistics shop under the Department of Energy.
As of Sept. 27, the WTI Crude Oil Price was $92.41, which is higher than the majority of the rates in Biden’s term, except for 2022, when Russia’s invasion of Ukraine surged prices.
Under the Biden administration, a barrel of WTI Crude Oil averaged $68.13 in 2021, $94.90 in 2022, $77.58 in 2023 and $76.63 in 2024.
The Epoch Times contacted the White House for comment.
Oil and gas prices rose abruptly after the United States and Israel launched Operation Epic Fury against the Iranian regime on Feb. 28, killing Iranian leader Ali Khamenei and dozens of senior officials.
The conflict, which has lasted more than seven months, has seen Iran attempt to disrupt oil and gas transport through the Strait of Hormuz, a crucial waterway that used to transport one-fifth of the world’s oil before the war started.
Trump said on Sept. 26 that he rejected Iran’s latest proposal to end the conflict. The Iranian regime tried to pitch the now-denied deal on the sidelines of the U.N. General Assembly meeting in New York via Qatari mediators.
“They want to make a deal, and I think that’s fine. I like making a deal too. But that deal would not be acceptable,” he told reporters at the White House.
U.S. Central Command (CENTCOM) has shared its progress in reopening the waterway.
CENTCOM announced on Sept. 19 that its forces were able to facilitate the safe transport of more than one billion barrels of crude oil through the Strait of Hormuz in recent months.
“We’ve reached this significant milestone while assisting over 2,000 commercial ship transits through the strait by providing coordinated protection,” U.S. Central Command Commander Adm. Brad Cooper said on Saturday.
