Iran’s Strait of Hormuz blockade fuels global oil market concerns as Trump admin meets execs
Jonathan Hunt reports live from London on Iran’s aggressive actions in the Strait of Hormuz, leading to a 95% reduction in commercial shipping traffic. Mohamed El-Erian, Gramercy Funds Management Chair, analyzes the global oil market disruption, with crude oil prices soaring. The Trump administration meets with oil executives as international allies like Japan and European nations issue a joint statement, expressing readiness to ensure safe passage through the vital waterway.
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For voters feeling the sting of rising gas prices, a trip to the gas pump is becoming a daily flashpoint as midterm elections loom.
President Donald Trump touted low gas prices during his February State of the Union address, saying they had fallen “below $2.30 a gallon in most states and in some places, $1.99.”
Now, an escalating conflict with Iran is sending prices sharply higher — particularly in battleground states like Virginia, Pennsylvania, Georgia and Ohio. That surge is undercutting a central economic message that helped power Trump’s return to 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 the week — now it’s $45,” said Zafar, an Uber driver who typically fills up in Virginia, where gas prices are more than $1 higher than a year ago.
WHERE GAS PRICES ARE RISING THE FASTEST AS TRUMP’S IRAN DEADLINE LOOMS
“I have no choice — I have to support my family,” he said, adding that he can’t afford to cut back on driving despite rising gas prices.
Just weeks ago, the outlook looked very different.
The national average has climbed to $4.16 per gallon, up about 91 cents from a year ago, according to AAA, with prices rising across nearly every region.
West Coast drivers are seeing the highest costs, with prices reaching $5.93 per gallon in California and $5.39 in Washington. Meanwhile, on the East Coast, gas prices have surpassed $4 in several areas, including $4.29 in Washington, D.C., and $4.18 in Pennsylvania.
Meanwhile, in the Midwest, Illinois stands out at $4.36 per gallon, while much of the region remains in the mid-$3 range. While Southern states remain comparatively cheaper, prices are climbing there as well, with Georgia at $3.73, Texas and Alabama at $3.84, and Florida higher at $4.18.
Oklahoma and Kansas have the lowest gas prices in the nation, at $3.34 and $3.39, respectively.
Beyond gasoline, other fuel costs are rising even faster. Diesel has climbed to $5.66, up about $1.15 over the past month. As a key fuel for freight, shipping and public transportation, it is especially sensitive to supply disruptions — and its rising cost can quickly ripple through the broader economy, pushing up prices on everything from groceries to goods.
DEMS WHO RAN ON AFFORDABILITY NOW FACE BACKLASH AS COSTS CLIMB IN NY, VIRGINIA
A side-by-side photo of New York Mayor Zohran Mamdani and Virginia Gov. Abigail Spanberger. (Kyle Mazza/Anadolu/Mike Kropf/Getty Images)
That kind of pocketbook pressure is exactly what Democrats have been eager to exploit. Last fall, Democrats leaned heavily on affordability themes in state and local elections, and it paid off.
In places like Virginia, New York and New Jersey, where voters have been squeezed by high housing costs and utility bills, Democratic candidates seized on Trump’s early economic moves, including his trade policy, to argue that the Republican agenda was worsening the affordability crisis rather than easing it.
That same playbook is now reemerging on a national scale, as rising fuel costs tied to the Iran war give Democrats a fresh opening to hammer Republicans on kitchen-table costs.
OIL, GAS PRICES JUMP AS TRUMP FLIRTS WITH STRIKING IRANIAN OIL INFRASTRUCTURE
Campaigns are leaning in, tying higher fuel costs to Republican policies in ads, speeches and appearances across key battleground states.
In central Pennsylvania, Janelle Stelson, a Democrat challenging Rep. Scott Perry, R-Pa., campaigned Monday at a Mobil gas station where prices were $4.24 for regular unleaded and more than $6 for diesel. She argued Perry, a Trump ally, bears some responsibility for worsening the cost-of-living crisis, according to The Washington Post.
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Janelle Stelson is challenging incumbent Rep. Scott Perry, R-Pa., a longtime Trump ally who is now having to defend rising gas prices driven by the conflict in Iran. (Michelle Gustafson for The Washington Post via Getty Images)
In Iowa, the left-leaning veterans group VoteVets is running a new $825,000 ad campaign backing state Rep. Joshua Turek’s Senate bid that highlights rising gas prices.
The message is also playing out in Michigan, where Abdul El-Sayed, a liberal Democrat in a competitive Senate primary, is airing ads focused on rising gas prices. “You know why gas is so expensive? Donald Trump’s $200 billion war with Iran,” he says in one ad.
With prices rising, the cost of gas is quickly becoming a central political battleground — and a potential liability for Trump and his allies in the months leading up to the midterms.