At a White House Small Business Week event, he said tax cuts and deregulation had produced “record business” as Brent crude climbed to about $114 a barrel.
Trump said energy prices had been expected to rise more and predicted they would fall substantially, even as families and businesses faced higher costs.
The pressure comes with US-Iran talks stalled and uncertainty over a blockade in the Strait of Hormuz, a vital route for global oil supplies.
How can the economy 'roar' amid the largest oil supply disruption in history?
Will this crisis accelerate a global shift away from fossil fuels and traditional trade chokepoints?
With diplomacy frozen and military options on the table, what is the endgame for the Hormuz blockade?