Trump Has No Regrets Over Iran War as Diesel Hits $6 Per Gallon: 'If I Had to Do It Again, I'd Do Exactly What I Did'

US President Donald Trump has said he has no regrets about the war with Iran, even as the economic fallout from the conflict becomes increasingly difficult for American households to ignore.

The comments come as US diesel prices have crossed $6 a gallon for the first time, while crude oil remains above $100 a barrel, Treasury yields approach 5%, and Wall Street continues to suffer heavy losses.

Brent crude briefly approached $110 a barrel on Friday before retreating, while West Texas Intermediate hovered around the $100 mark. On Thursday, the S&P 500 declined by 0.5%, the Nasdaq 100 was down 0.6%, and the Dow Jones Industrial Average fell 316 points or 0.6%.

Trump reportedly told a media outlet about the escalating Iran war that if the Islamic Republic country had a nuclear weapon, it would 'wipe out' Israel and the Middle East, and have US cities within range.

'If I had it to do again, I would do exactly what I did,' he reportedly told Fox News, while denying reports that there was any damage to US assets despite growing online claims about US infrastructure destruction in the Middle East.

The Immediate Impact on US Households

US diesel prices have surged by around 60% since the conflict with Iran began in late February. Diesel is particularly important because it powers much of America's trucking, agriculture, construction, and industrial economy.

When diesel becomes more expensive, transporting food, building materials, and other everyday products becomes more expensive too. That cost can very quickly reach consumers through higher supermarket prices, delivery charges, and service costs.

'The cost of diesel gets into just about everything. From running a farm ... [to the] cost of food, but also everything across the economy that's shipped,' KPMG chief economist Diane Swonk had said in a recent interview, while adding that when diesel prices rise, everything 'gets that extra fee tacked onto it.'

Swonk forecast that rising diesel prices will be an 'inflationary problem' for the coming months. She attributed the rapid rise in diesel to the destruction of key refineries in both Eastern Europe due to the Russia-Ukraine conflict and in the Middle East.

The Hormuz Letter claimed in a recent X post, citing satellite imagery, that Saudi Arabia's East-West crude oil pipeline has suffered damage. The pipeline carries 7 million barrels of Saudi crude per day from Abqaiq to Yanbu on the Red Sea, the kingdom's only export route that does not pass through the Strait of Hormuz.

'Satellite data showed a fire burning along the pipeline route southeast of Medina with a black smoke plume spanning across 100 kilometres, and consistent with the multiple heat anomalies NASA FIRMS recorded along the same stretch,' according to a separate X post from The Hormuz Letter.

If these reports are confirmed, it could drive up oil prices higher much faster, likely impacting the US stock market and the broader economy negatively in the near term.

Surging Oil Prices Drive Up Bond Yields Higher

The US 10-year Treasury yield approached 5%, while the 30-year Treasury yield reached levels not seen in years. Investors are increasingly concerned that expensive energy could keep inflation elevated and force the US Federal Reserve to maintain, or potentially increase, interest rates.

That has consequences for ordinary Americans. Higher Treasury yields can feed into mortgage rates, car loans, credit costs, and corporate borrowing. The result is a particularly uncomfortable combination: households face higher prices while also paying more to borrow money.

For Wall Street investors, the Iran conflict is a market story, but it is increasingly a household-budget story for millions of Americans. A driver paying more to fill up, a farmer paying more for diesel, a trucker facing higher operating costs, and a family paying more for groceries can all be affected by the same oil shock.