Overview
- Trump announced a U.S. naval blockade of the Strait of Hormuz on Sunday after marathon negotiations with Iran in Islamabad failed to produce a deal.
- In a Fox News interview, he said oil and gas could be the same or a little bit higher by the midterms and argued the economic strain is worth preventing Iran from obtaining a nuclear weapon.
- Government data released April 10 showed a record 21.2% monthly jump in gasoline prices, with inflation up 3.3% year over year and the national average near $4.10 a gallon, according to AAA and GasBuddy.
- The Strait of Hormuz handles roughly one-fifth of the world’s seaborne oil, so a blockade threatens supply routes and helps explain sharp price swings now rippling through energy markets.
- Public concern over fuel costs is surging, with a Pew survey finding 69% worried about higher gas prices, and even some right-leaning coverage noting the political risk as the president concedes prices may not fall before November.