-- (Updates with White House response in paragraphs 10-12.)
US President Donald Trump said gasoline prices near $4 per gallon could fall quickly, rejecting forecasts that they may stay above $3/gal until next year, The Hill reported on Monday.
Trump reportedly said he disagrees with Energy Secretary Chris Wright's view that prices may not drop below $3/gal until 2027, calling the assessment "totally wrong."
Trump added fuel prices would decline "as soon as this ends," pointing to the Iran conflict, the report added.
Wright told CNN on Sunday that prices could remain above $3/gal into next year due to shipping disruptions in the Strait of Hormuz, according to the report.
Wright said fuel prices may have already reached their peak and are expected to ease, adding that a resolution to the conflict would broadly reduce energy costs.
Treasury Secretary Scott Bessent last week said gasoline prices could fall back to the $3/gal range as early as this summer.
Global oil markets have been unsettled by Iran-linked shipping constraints, pushing US gasoline prices above $4/gal for the first time since 2022, the report added, citing data from the American Automobile Association.
The US has imposed a blockade on Iranian ports, with Trump saying in the interview that the measure is highly effective and costing Iran about $500 million per day.
Diplomatic efforts remain uncertain, with Vice President JD Vance set to lead talks in Pakistan, while Iran said no decision has been made on joining negotiations, the report noted.
In response to' request for comment, the White House said energy prices are expected to drop once traffic resumes through the Strait of Hormuz.
"President Trump brought oil and gas prices down to multi-year lows at record speed, and as traffic in the Strait of Hormuz normalizes, these energy prices will plummet once again," Taylor Rogers, White House spokeswoman, toldin an emailed response.
Rogers said Trump has described these fluctuations as "short-term, temporary disruptions" and has said that they would be resolved through the military effort in Iran and ongoing peace negotiations.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)