Overview
- The national average gas price is near $4.50 a gallon, up about 30 cents in a week and roughly 50% since the war began as slower traffic through the Strait of Hormuz, which carries about 20% of traded oil, tightened supply.
- National polls report a majority says the decision to go to war with Iran was a mistake and large shares blame President Trump for higher gas prices.
- Higher costs are changing habits, with 44% cutting back on driving, 42% trimming household expenses, and 34% altering travel or vacation plans.
- Airline leaders and some Trump advisers are privately urging a quick end to the conflict to ease jet-fuel prices and reduce the political risk heading into the midterms.
- Iran is reviewing a U.S. proposal to wind down the fighting, and Trump’s claim that prices will soon fall has drawn skepticism after a steady run of increases.