WASHINGTON (AP) — President Donald Trump on Wednesday showed how he had learned to stop worrying about inflation and simply, in his own words, “love” it.
Asked about the new report that the consumer price index in May had jumped 4.2% over the last year, the president took a surprisingly optimistic tack with the challenging news. Trump didn't dismiss the affordability issue as a “hoax” that was started by Democrats, as he has done previously. Nor did he claim that he was bringing down the cost of living.
Instead, after the government said that inflation spiked to the highest level since April 2023, Trump praised the numbers.
“You know what I really love?" Trump said. "I love the inflation.”
It was an unexpected take given that voters ahead of the November midterm elections have ranked the economy as a top concern — and have given Trump low marks on that issue. Within minutes of his on-camera comment, Democrats quickly rushed to promote it on social media.
Trump had pledged in his 2024 campaign to quickly vanquish inflation, but his argument now is that higher prices are solely a function of the Iran war raising energy costs. On Wednesday, he claimed that relief is already on its way because of a secret military operation that had ferried what he said was 100 million barrels of oil through the Strait of Hormuz, the primary shipping channel for 20% of the world’s global oil supply that has been effectively closed by the war since late February.
“Trump really said, ‘I love the inflation.’ On camera. For all of America to hear,” Senate Democratic Leader Chuck Schumer quickly posted on X. “His contempt for you knows no bounds.”
House Democratic Leader Hakeem Jeffries said on X that with Trump's stated love of inflation, "We finally found something that Donald Trump loves as much as he loves himself."
Rep. Emilia Sykes, D-Ohio, quickly pressed Energy Secretary Chris Wright at a hearing about whether he, too, loved inflation.
“Do you love inflation?” Sykes asked.
“I love ending Iran’s ability to have a nuclear weapon,” Wright answered. He only conceded after being pressed: “No, I would prefer lower inflation.”
When asked about Trump's specific comments, Wright said, “He's an entertaining, hyperbolic guy who's done tremendous leadership.”
Trump claimed the secretive shipments were why oil prices had fallen below $90 a barrel, after surpassing $110 at the start of April.
“I'm just announcing today for the first time, but we’ve been taking out millions of barrels of oil, millions of barrels every night,” Trump said.
On social media, the president said the mission began last month and had “resulted in more than 100 MILLION Barrels of Oil making its way through the Strait, and into the Open Market. More than 200 Commercial Ships have safely traveled through the Strait.” There was no immediate data available to back up that total, and it was not immediately clear what role the U.S. military had played.
To put that figure into context, a daily average of 20 million barrels of oil had gone through the strait before the war, which would mean that Trump's mission had resulted in the equivalent of five days' worth of normal oil shipments.
Responding to the new inflation report, the White House pointed out that some expenses had dropped in May relative to the previous month: the price of new vehicles, prescription drugs and auto insurance, for example. But when the overall inflation number is paired with the change in hourly wages, there is a bleak sign that people's spending power relative to their earnings has declined.
“President Trump has consistently maintained that oil and gas prices — and thus overall inflation — will plummet once the Iran situation is resolved, and the administration will continue pushing our affordability agenda to enable Americans to keep more of their hard-earned money,” White House spokesman Kush Desai said in an email.
But the financial markets were cautious about Trump's claims that he was lowering prices by getting oil tankers through the strait — claims that came as the United States also launched airstrikes against Iran, and as Tehran fired back at countries in the region.
U.S. crude oil futures climbed roughly 4% on Wednesday, closing at nearly $92 a barrel.
A motorist fills up the vehicle's gas tank at a gas station in Buffalo Grove, Ill., Monday, June 8, 2026. (AP Photo/Nam Y. Huh)
Tomatoes await customers on the shelves of a supermarket in New York on Tuesday, May 26, 2026. (AP Photo/Matt Sedensky)
President Donald Trump speaks in the Oval Office of the White House, Wednesday, June 10, 2026, in Washington. (AP Photo/Julia Demaree Nikhinson)
DUBAI, United Arab Emirates (AP) — The U.S. military said Wednesday it has begun another round of strikes against Iran after President Donald Trump said more were coming. The escalating attacks threatened to derail efforts to end the war, with Trump warning that Tehran would “pay the price” for stalled negotiations.
U.S. Central Command said in a social media post that the military is striking “multiple targets in Iran” and that it’s being done “in response to Iran’s unwarranted and continued aggression.”
The strikes come a day after the U.S. struck Iran following the crash of an Army helicopter near the Strait of Hormuz that Trump blamed on the Islamic Republic.
Trump urged Iran to sign a deal to end the war.
Earlier Wednesday, the U.S. military said it had fired on an oil tanker attempting to transport oil from Iran in violation of its blockade on Iranian ports.
Trump's comments underlined his whipsaw approach to the war; earlier this week he suggested a deal to end the conflict could be reached in a matter of days.
Iran has proved resilient despite weeks of heavy bombing. It is betting that its ability to effectively close the Strait of Hormuz — a crucial passageway for oil and natural gas — gives it a strong bargaining chip.
Iran’s United Nations envoy said the U.S. should refrain from threats of force if it wants a deal.
“Iran has never negotiated under threats and pressure and will never submit to pressure or question,” Ambassador Amir Saeid Iravani told the U.N. Security Council on Wednesday.
Still, both countries seem to be looking for a way to end the conflict — if they can manage to sell it as a win at home.
Israeli Prime Minister Benjamin Netanyahu appears intent on pursuing goals that make compromise harder: the collapse of Iran’s theocratic government, the elimination of its nuclear program, and the destruction of the Iranian-allied Hezbollah militant group in Lebanon. On Monday, Iran and Israel targeted each other.
Since the U.S. and Israel started the war with Feb. 28 attacks on Iran, the conflict has shaken the global economy, driven up energy prices worldwide, and made food and other basics more expensive.
The international benchmark for crude oil traded above $93 a barrel on Wednesday, up more than 25% since the start of the war.
Trump said Wednesday the U.S. military has since last month undertaken a “secret mission” to sneak oil shipments past Iran’s forces in the Strait of Hormuz. He said ships were slipping through at night, aided by the destruction of Iranian radar equipment.
Trump said as a result more than 100 million barrels of oil have evaded Iran’s chokehold on the strait. There was no immediate confirmation of that figure, which roughly equals five days of oil shipments through the waterway before the war began.
The military’s role was not immediately clear. Capt. Tim Hawkins, a Central Command spokesman, said U.S. forces “communicate and coordinate” with commercial ships in the area, but gave no details on military support being offered.
The U.S. military said Wednesday an American aircraft fired “precision munitions” into the engine room of the Palau-flagged vessel M/T Settebello as it attempted to breach the naval blockade with a shipment of Iranian oil. It was the eighth merchant vessel disabled by U.S. forces in waters off Iran.
India’s foreign ministry said three Indian sailors were missing after the Settebello was struck, while 21 others were rescued. Its statement did not mention the U.S. military or the blockade.
Hawkins of U.S. Central Command said American forces warned the crew before firing on the ship.
The U.S. military said strikes earlier Wednesday targeted “air defense, ground control stations, and surveillance radar sites."
Iran said U.S. strikes hit two water reservoirs in the southern city of Sirik, temporarily cutting off water to thousands of people. U.S. Central Command had no immediate comment.
Tehran later claimed attacks in Kuwait, Bahrain and Jordan.
Jordan said it shot down five incoming missiles, which Iran said targeted an air base hosting American military aircraft.
Bahrain and Kuwait said they intercepted incoming fire.
Iranian Foreign Minister Abbas Araghchi condemned the American attacks as a violation of Iranian sovereignty. Foreign Ministry spokesperson Esmail Baghaei said in televised comments that, following the new attacks, Iran would review its stance on negotiations to end the war.
Efforts to mediate a deal continued. Following consultations with the U.S., a delegation from Qatar arrived in Tehran for talks on Wednesday, according to an official with knowledge of the visit who requested anonymity due to the sensitivity of the talks.
The exchanges of fire came a day after a U.S. Army attack helicopter crashed near the Strait of Hormuz. The helicopter collided with an Iranian drone, according to a U.S. official speaking on condition of anonymity to discuss an ongoing investigation. It wasn’t clear whether the collision was intentional.
A drone boat rescued the helicopter’s two crew. Trump said they were uninjured.
Wary of high gas prices in the run-up to congressional elections in November, Trump seems to be looking for a quick win. But he is also making demands that will be tough for Iran to swallow.
The U.S. wants to see Iran give up its stockpile of highly enriched uranium. While Iran insists its nuclear program is peaceful, that uranium is a short technical step from weapons-grade levels.
Iran is refusing to give up the uranium and demanding relief from sanctions. It also wants the release of frozen assets even before a final agreement is in place, something Trump rejected.
It's not clear how those differences can be bridged. In a Truth Social post Wednesday, Trump said Iran was taking “too long to negotiate a deal" and "now they will have to pay the price!!!”
Iran has insisted that any deal to end the war must also end fighting between its ally Hezbollah and Israel. Israel has instead intensified its military campaign against the Lebanon-based militant group.
An airstrike on a village east of Tyre killed at least six people, Lebanon's state-run National News Agency reported. It said two others were killed by an Israeli drone strike on a car in the southern city of Sidon.
Price reported from Washington. Associated Press writers Konstantin Toropin and Will Weissert in Washington; Natalie Melzer in Nahariya, Israel; David Rising in Bangkok; Bassem Mroue in Beirut; Michelle L. Price in New York; Russ Bynum in Savannah, Georgia, and Hannah Schoenbaum in Salt Lake City contributed to this report.
A man runs past burning cars following an Israeli airstrike in the southern port city of Sidon, Lebanon, Wednesday, June 10, 2026. (AP Photo/Mohammed Zaatari)
People take shelter as air raid sirens warn of incoming Iranian missiles in Ramat Gan, Israel, Monday, June 8, 2026. (AP Photo/Oded Balilty)
A projectile streaks through the sky over central Israel during an Iranian missile attack, Sunday, June 7, 2026. (AP Photo/Ohad Zwigenberg)
A cleric checks his cell phone on stage in front of a screen displaying portraits of the late Iranian revolutionary founder Ayatollah Khomeini, left, late Supreme Leader Ayatollah Ali Khamenei, center, and Supreme Leader Ayatollah Mojtaba Khamenei, during a pro-government gathering in Tehran, Iran, Sunday, June 7, 2026. (AP Photo/Vahid Salemi)
A woman walks past a mural depicting a U.S. aircraft carrier under missile attack in downtown Tehran, Iran, Monday, June 8, 2026. (AP Photo/Vahid Salemi)
