President Trump said rising oil prices are “a very small price to pay” for global safety and peace amid the U.S. conflict with Iran.

He argued that prices will drop once the threat from Iran’s nuclear program is eliminated.

The conflict has driven up U.S. gasoline costs, with the national average rising 14% over the past week.

Iran has effectively blocked the Strait of Hormuz, a key route for about 20% of the world’s oil supply, The Hill has reported.

West Texas Intermediate and Brent crude surged to around $91 and $92 per barrel, respectively, while the Treasury Department plans to release measures to ease the rising energy costs.