Iran’s Strait of Hormuz blockade fuels global oil market concerns as Trump administration meets with administration
Jonathan Hunt reports live from London on Iran’s aggressive actions in the Strait of Hormuz, which has resulted in a 95% drop in commercial shipping traffic. Mohamed El-Erian, Chairman of Gramercy Fund Management, analyzes the disruption in the global oil market, as crude oil prices rise. The Trump administration meets with oil executives as international partners such as Japan and European countries issued a joint statement, expressing readiness to ensure the safe passage of this important waterway.
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For voters feeling the pain of rising gas prices, trips to the gas pump are becoming a daily bright spot as the midterm elections approach.
The president Donald Trump he called for lower gas prices during his February State of the Union address, saying they “dropped below $2.30 a gallon in many states and in some places, $1.99.”
Now, the escalating conflict with Iran is sending the toll even higher — especially in battleground states like Virginia, Pennsylvania, Georgia and Ohio. That attack undercuts the central economic message that helped power Trump back into office and could reshape the political landscape as fuel costs rise in key states.
“I used to put $30 worth of gas in my car for a week — now it’s $45,” said Zafar, an Uber driver who frequents Virginia, where gas prices are more than $1 higher than last year.
WHEN GAS PRICES RISE HIGHER AS TRUMP’S LAST LIMITATION CONTINUES
“There’s nothing I can do — I have to support my family,” he said, adding that he doesn’t have the energy to cut back on driving even though the price of gas is rising.
A few weeks ago, the situation looked very different.
The national average rose to $4.16 per gallon, up about 91 cents from last year, according to AAA, with prices rising in nearly every state.
West Coast drivers see the highest costs, with prices as high as $5.93 per gallon in California and $5.39 in Washington. Meanwhile, on the East Coast, electricity prices it exceeded $4 in several places, including $4.29 in Washington, DC, and $4.18 in Pennsylvania.
Meanwhile, in the Midwest, Illinois tops out at $4.36 per gallon, while most of the region remains in the $3 range. While the Southern states remain relatively cheap, prices are rising as well, with Georgia at $3.73, Texas and Alabama at $3.84, and Florida at $4.18.
Oklahoma and Kansas have the lowest gas prices at $3.34 and $3.39 respectively.
Besides gasoline, other fuel costs are rising rapidly. Diesel rose to $5.66, up about $1.15 a month. As a key fuel for goods, transport and public transport, it is highly sensitive to supply disruptions – and its rising costs can quickly ripple through the wider economy, raising prices for everything from shops to goods.
DEMS USED FOR POWER NOW FACE BACKLASH AS EXPENSES CONTINUE IN NY, VIRGINIA
Side photo of New York Mayor Zohran Mamdani and Virginia Gov. Abigail Spanberger. (Photos by Kyle Mazza/Anadolu/Mike Kropf/Getty)
That kind of pocketbook pressure is exactly what Democrats have been willing to use. Last fall, Democrats leaned heavily on accessibility themes in state and local elections, and it paid off.
In places like Virginia, New York and New Jersey, where voter suppression is high housing costs and utility bills, Democratic candidates seized on Trump’s early economic measures, including his trade policy, to argue that the Republican agenda was exacerbating the problem of insolvency rather than alleviating it.
That playbook is now resurfacing on a national level, as rising fuel costs linked to the Iran war give Democrats a new opportunity to corner Republicans on kitchen-table spending.
OIL, GAS LEVELS PUMP AS TRUMP BREAKS IRANIAN OIL CRASH.
Campaigns are dependent, including high fuel costs on Republican policies in ads, speeches and appearances in all key battleground states.
In central Pennsylvania, Janelle Stelson, Democratic Rep. Scott Perry, R-Pa., campaigned Monday at a Mobil gas station where prices were $4.24 for regular unleaded and $6 for diesel. He pointed out that Perry, who is a friend of Trump, is responsible for exacerbating the cost of living crisis, according to the Washington Post.
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Janelle Stelson is challenging Rep. Scott Perry, R-Pa., is a longtime Trump ally who now has to defend against rising gas prices driven by the Iran conflict. (Michelle Gustafson of The Washington Post via Getty Images)
In Iowa, the left-wing veterans group VoteVets is running a new $825,000 ad campaign supporting Rep. Joshua Turek’s state Senate bid highlighting rising gas prices.
The message is also playing out in Michigan, where Abdul El-Sayed, a liberal Democrat in a competitive Senate primary, is running ads focusing on rising gas prices. “You know why gas is so expensive? Donald Trump’s $200 billion war with Iran,” he said in another ad.
As prices soar, gas costs are quickly becoming a political battleground — and a potential liability for Trump and his allies in the months leading up to the midterms.
