Johns Hopkins University Professor of Applied Economics Steve Hanke estimates that the Trump administration’s war on Iran will ultimately cost $1 trillion, dismissing the figures presented by US Secretary of War Pete Hegseth to Congress as “tiny numbers.”

“Forget the tiny numbers Sec. Of War Pete Hegseth is feeding the US Congress,” Hanke wrote in a post on X on Saturday. He estimated that, “at the end of the day, the Iran war will cost $1 trillion.”

Hanke’s remarks come as Democratic lawmakers step up pressure on Hegseth over the war’s mounting costs and consequences, with calls for his removal.

House Minority Leader Hakeem Jeffries said earlier this month that Hegseth had abused his power and engineered a costly war that has driven up prices for Americans without advancing any legitimate security interest.

Jeffries also said he would support a forthcoming impeachment resolution against the war secretary.

Democrats, who secured majorities in both chambers in the November 3 midterm elections and are set to take control of Congress, are also challenging the Trump administration over the war’s financial cost and demanding greater accountability for military spending.

The Pentagon has reported that the cost of the US war against Iran reached $47.1 billion through October 16, according to figures provided to Congress, an increase of $3.5 billion since early September.

The figure includes approximately $29 billion to replace expended munitions, $11.9 billion in operational costs and around $6 billion in damaged or lost military equipment.

It does not, however, include the cost of repairing damage to US military bases across the region in Iranian retaliatory strikes and the accumulated cost of rising energy and commodity prices.

The war’s economic impact has been reflected in soaring global fuel prices since February 28, as restrictions on shipping through the Strait of Hormuz have disrupted a vital corridor for global oil and gas supplies.

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Iran imposed strict maritime restrictions on the strategic waterway, requiring vessels to obtain prior authorization and use designated northern corridors for transit. Tehran has declared southern routes unauthorized and says they are heavily mined.

Tehran says only vessels complying with its regulations can pass safely through the strategic waterway, warning that ships serving the interests of the aggressors will face consequences.

The Strait of Hormuz normally carries around one-fifth of global petroleum consumption, making disruptions to shipping through the waterway particularly consequential for international energy markets.

A study published by the Finland-based Centre for Research on Energy and Clean Air (CREA) puts the financial impact into perspective, estimating that supply disruptions linked to the war have cost consumers worldwide an additional $468 billion in gasoline and diesel spending.

On a per-capita basis, US consumers have paid an average of $471 more for fuel since the war began, nearly eight times the estimated global average of $60.

CREA attributed the disproportionate burden on American households to the country's heavy reliance on private vehicles, longer travel distances, and a relatively slow transition to electric vehicles. The study examined fuel prices and consumption in 169 countries from early March to mid-October.

The economic consequences extend beyond higher fuel bills. Rising diesel prices increase transportation and agricultural costs, while energy supply and maritime trade disruptions put additional pressure on manufacturing, food production, and international supply chains.

The growing financial toll has also intensified opposition to the war in Congress, with Democratic lawmakers calling for restrictions on the Trump administration’s ability to continue the military offensive and demanding that any year-end spending deal prevent further funding for the war on Iran.