With strikes on multiple Middle East energy sites and tanker traffic slowed due to threats, President Donald Trump acknowledged Tuesday that the U.S.’s war with Iran is driving up energy prices.

“So if we have a little high oil prices for a little while, but as soon as this ends, those prices are going to drop, I believe, lower than even before,” Trump told reporters during an Oval Office meeting with German Chancellor Friedrich Merz, according to the Washington Post.

Rising energy prices are a result of the U.S. and Israel on Feb. 28 launching a series of strikes against Iran, whose immediate retaliation included attacks against U.S. allies in the Middle East.

Some analysts have said that if the war continues, global oil prices could increase to over $100 per barrel, bringing U.S. gasoline prices near $5 per gallon and driving inflation and rising prices.

Americans’ electric bills could also rise as more U.S. natural gas exports flow to Europe to replace interrupted supplies from the Middle East, according to E&E News.

Responding to the initial U.S.-Israel attacks, Iranian drones and missiles damaged energy sites in Saudi Arabia and Qatar. The country has also been attacking tanker ships in the Strait of Hormuz, a chokepoint for about a fifth of the world’s oil and gas supplies.

Global oil and natural gas prices are rising this week, with U.S. energy companies expecting big profits as they help fill global supply gaps. The global price of crude oil jumped about 15 percent from around $70 per barrel on Feb. 24, when Trump gave his State of the Union address, to nearly $82 on Wednesday.

In the U.S., the average price of gasoline has risen from $2.28 on Feb. 28 to $3.14 as of March 4, according to fuel price analysis firm GasBuddy. The company projects that average U.S. gasoline prices will continue rise to $3.30 or $3.35 over the short term.