WASHINGTON (AP) — After military action against Iran sent oil and gasoline prices sharply higher, President Donald Trump has shifted his messaging. Instead of emphasizing low energy costs, he is now portraying rising oil prices as beneficial for the United States.

The reversal comes as his administration struggles to present a clear strategy for reopening the crucial Strait of Hormuz, where tankers carrying oil and natural gas have been stalled. At the same time, officials have taken a series of steps aimed at calming volatile energy markets.

“The United States is the largest oil producer in the world, by far, so when oil prices rise, we benefit greatly,” Trump wrote Thursday on his social media platform.

Just last month, during his State of the Union address, Trump highlighted gasoline prices of $2.30 per gallon. Since then, prices have climbed more than 50%, reaching a national average of $3.60 per gallon, according to AAA.

The shift underscores the tension between Trump’s domestic political priorities and his efforts to project strength internationally. The situation unfolds at a sensitive moment for his party ahead of the November midterm elections. Trump has previously argued that high gasoline prices helped him defeat former President Joe Biden. Still, he told reporters Saturday that he was unconcerned about rising fuel costs influencing voters or pressuring him to end the conflict prematurely.

Goldman Sachs said Thursday that, based on its projections and historical trends, elevated oil prices are likely to push inflation higher, slow economic growth and raise unemployment by year’s end.

A push to increase Russian oil supply

Roughly 20 million barrels of oil typically pass through the Strait of Hormuz each day, but many tankers are now steering clear of the area. Oil markets have reacted sharply to the uncertainty, with the global benchmark price climbing to $100 per barrel on Thursday.

“Recent swings in Brent crude prices have been striking, and volatility is likely to persist given the lack of clarity on when tensions will ease and when traffic through the Strait of Hormuz will resume,” analysts at Oxford Economics said Wednesday.

Trump has delivered mixed messages about how he plans to address the situation. During a Monday news conference, he said the strait would “remain safe,” despite it being widely regarded as a danger zone. He suggested that the U.S. Navy’s presence and insurance protections for tankers would maintain security.

By Tuesday, however, he warned on social media that Iran would face “military consequences” at an unprecedented level if it deployed mines in the strait. He later stated that U.S. forces were targeting Iranian vessels involved in laying mines.

On Wednesday, Energy Secretary Chris Wright briefly claimed online that a U.S. Navy escort had guided a tanker through the strait, but the statement was later deleted after being shown to be inaccurate.

That same day, Trump described the waterway as being in “great shape” and encouraged oil companies to resume using it. Yet on Thursday, Wright declined to offer a timeline for when naval escorts might begin. “It will happen relatively soon, but not immediately,” he said in a television interview. “Our military resources are currently focused on limiting Iran’s offensive capabilities.”

Wright acknowledged that the conflict had created “significant disruption” in short-term gasoline prices but argued that eliminating Iran as a threat would yield long-term benefits for the U.S. and its regional partners.

Late Thursday, the Treasury Department announced another measure intended to ease supply constraints: a one-month license allowing certain Russian oil shipments, previously stalled under sanctions tied to the war in Ukraine, to move forward. The action expands on last week’s temporary authorization for India to purchase Russian oil.

Analysts estimated that about 125 million barrels of Russian oil were sitting on tankers at sea last week.

Treasury Secretary Scott Bessent said the limited waiver was carefully designed as a short-term step and would not significantly increase revenue for the Russian government, which primarily collects energy income through taxes at the point of extraction.

A reversal on strategic reserves

Earlier Thursday, the White House said it was considering temporarily waiving Jones Act requirements that mandate the use of U.S.-flagged ships to transport goods between domestic ports. Press Secretary Karoline Leavitt said such a move could help ensure that essential energy supplies and agricultural goods continue to reach U.S. ports without disruption.

The announcement followed another policy shift. On Wednesday, Trump said the United States would coordinate with other nations to release oil from strategic reserves in an effort to steady prices. Initially, he had minimized the need to tap those reserves. Analysts suggest that a coordinated release would likely stabilize markets rather than significantly lower prices.

“This type of action may slow the pace of price increases, but it won’t reverse them,” said Joe Brusuelas, chief U.S. economist at RSM. “At best, it offers temporary relief from the sharp rise in gasoline costs.”

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Associated Press journalists contributed to this report.