Fox Biz Anchor Takes Skeptical Look at Trump’s Recent Iran Claims: Gas ‘Still a Lot Higher’

Fox Business anchor Liz Claman asked her colleague Lauren Simonetti to try to clear up what’s really going on in the energy market amid a spate of dubious statements from the Trump administration that are not reflected in the market or in reporting on the war in Iran.

“Peace negotiations between the U.S. and Iran remain deadlocked, with both countries battling for control of the Strait of Hormuz. In a Truth Social post this morning, President Trump claimed that the U.S. has, quote, ‘total control’ over the strategic waterway, and that the nation’s naval blockades are being called, quote, ‘a wall of steel,’ and there’s nothing Iran can do about it. Energy markets are searching for direction,” Claman began, noting Trump’s baseless boast.

“West Texas Intermediate flat to just slightly lower, still $83 a barrel there. Brent above $88 a barrel, again slightly lower from yesterday. But it all comes after we told you yesterday that… Energy Secretary Chris Wright insisted that, Sunday, oil exports from the Middle East rose above pre-war levels to more than 20 million barrels. Independent analysts say actual oil flows through the Strait of Hormuz, though, are more like 5 million barrels per day. Let’s get to Lauren Simonetti, live in the Fox Business Newsroom, on what her sources are saying. Maybe you can clear it up, Lauren,” Claman asked, turning to Simonetti.

“Yeah, and you can see energy prices are doing nothing with all of this. So Chris Wright also said this: he said the seven-day average for oil leaving the Strait of Hormuz is currently up to nearly nine million barrels a day, plus another five to seven million barrels that are using those bypass routes. You’re looking at some of them, and if you add all that up, Liz, you’re right near pre-conflict levels,” Simonetti said, explaining how Wright could get to that number before offering additional facts:

Okay, shipping data from the tanker trackers like Kepler tell a different story. They say just 14 vessels crossed the strait yesterday, 12 on Monday. And they say last week it was 3.7 million barrels per day that moved out of the Gulf, not nearly 9 million. The Energy Department says private businesses undercount the number because ships move with their transmission signals off. Let’s take a look again at oil prices — steady, down slightly.

The market is also digesting the possibility of a prolonged conflict. A top adviser to Iran’s commander-in-chief of the Revolutionary Guard, General Naqdi, says they are willing to wait Trump out. Listen to this.

“Look, we have to attain deterrence so that the enemy never dares to attack us, so we can live with security. One way is to prolong this war until we get to the next term of the presidency and cause attrition, so that if anyone else wants to attack Iran, they will know there is a cost,” Naqdi is then shown saying in a translated clip.

“The next presidency. President Trump says Iran is paying and the U.S. is in control,” Simonetti added, playing a clip from Trump on Tuesday night saying, “We totally control the Strait of Hormuz. We have control over it. Nobody else, only us. Our Navy is unbelievable. And things are going great for our country.”

“And while gas prices did jump $0.02 overnight to $4.03 a gallon today — did you see this, Liz? — the Energy Information Administration reported this morning a massive build in oil inventories last week. Actually, it was the most in three and a half years. One reason is we exported less. Nonetheless, that is also helping to keep a lid on oil prices, at least for now,” Simonetti concluded.

“Yeah, although gasoline year-to-date is still a lot higher,” added Claman before moving on.

Watch the clip above via Fox Business.

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