-- US President Donald Trump said rising oil prices were a "very small price to pay" in the near term amid the ongoing Middle East conflict.
Trump made the remarks while responding to reporters during a signing of a proclamation on the National Physical Fitness and Sports Month held at the White House.
"I thought oil would go to $200, $250, maybe $300, and I know it will be short-term... I look today, it's like at $102," Trump said, adding that's "a very small price to pay" for getting rid of an Iranian nuclear weapon.
On shipping congestion in the Strait of Hormuz, Trump said Tuesday that about 400 ships are stranded there amid the ongoing Middle East conflict, adding, "...some of these tankers hold 2 million barrels..."
Trump said Iran is seeking negotiations, signaling renewed pressure to secure a deal. "Iran wants to make a deal... they'll talk to me with such great respect, and then they'll go on television, they'll say, we did not speak to the President."
He added that Iran should do make the right move to avoid military escalations. "They should do the smart thing... because we don't want to go in and kill people," Trump said, stressing preference for a negotiated outcome.
Trump said Iran faces economic collapse with inflation near 150% as sanctions intensify.
"Their currency is worthless. Their inflation is probably 150%... they aren't paying their soldiers," Trump said, highlighting severe economic deterioration.
He described US enforcement measures, saying the blockade is "It's like a piece of steel. Nobody is going to challenge the blockade," underscoring strict control over maritime routes.
On the South Korean vessel hit by Iran on Monday in the Strait of Hormuz, Trump said, "They decided to go it alone, and their ship got the hell knocked out of it yesterday. But they didn't shoot the ships that were guarded by us."
On China, Trump said he maintains a strong relationship with President Xi and plans to discuss Iran as part of broader geopolitical and energy considerations.
"... he gets like 60% of his oil from Hormuz," Trump said, underscoring China's exposure to the region's energy flows.
He said the US has encouraged China to diversify supply routes, adding, "... send your ships to Texas... send your ships to Louisiana... Send your ships to Alaska," pointing to alternative energy sourcing options.
Japan gets 90% of its oil, and South Korea 43%, from the Middle East, Trump said, highlighting the vulnerability to supply disruptions.
Countries are "learning" to buy oil from the United States... they're changing their habits," Trump said, pointing to shifting global trade patterns.