Republicans at risk? Donald Trump team alarmed by surging oil prices - CNN
Donald Trump, President of the US (photo: Getty Images)
The consequences of the rise in oil prices caused by the war in Iran have negatively affected the standard of living of people in the US, who were already dissatisfied with it. This refers to gasoline prices, according to CNN.
Consequences for the US
Oil prices jumped sharply amid the escalation of the war in Iran. For the first time since 2022, black gold prices exceeded $100 per barrel. US oil futures rose nearly 15%, and the benchmark Brent crude rose more than 12% to around $104 per barrel.
The increase in oil prices quickly affected gasoline prices in the US. According to the American Automobile Association, the average price of gasoline in the country reached $3.48 per gallon, which is about 16% higher than a week ago.
Trump reassures Americans
US President Donald Trump stated on the social network Truth Social that the rise in energy prices is a small price to pay for security.
He wrote that short-term oil prices were a very small price to pay for the security and peace of the US and the world.
The head of the White House also expressed confidence that the price increase will be temporary.
Trump's entourage panics
However, as the CNN writes, the Trump administration is looking for a way out of the situation caused by rising oil prices. This was especially important for the current US leader's election campaign, as gasoline prices needed to be favorable.
CNN writes that this indicator could indeed affect the social mood in the US, as Americans are already dissatisfied with their standard of living.
Also causing concern in Trump's entourage is the situation in the Strait of Hormuz, a key route for global energy trade. About a fifth of the world's oil supplies pass through it, so any attacks or shipping restrictions immediately affect global prices.
Against the backdrop of the escalating conflict in Iran, oil prices rose to nearly $120 per barrel at times before falling back somewhat.
The US administration believes that the price spike may be short-term if the conflict does not escalate into a wider war in the Middle East.
Incidentally, Trump even suggested seizing the Strait of Hormuz, which once again confirms the experts' opinion that the war in Iran needs to be ended because it is the only way to lower oil prices.
Oil prices
Due to the war in Iran and Tehran's blockade of the Strait of Hormuz, through which a significant number of tankers carrying energy resources used to pass, oil prices have risen significantly, to the level of 2022 - the price exceeded $100 per barrel.
This provoked an increase in gasoline prices, which in turn triggered a large-scale rise in the cost of goods and services. Incidentally, there were concerns that the Russian Federation would benefit from the situation by selling its oil.
And although some experts reassure that this is a temporary situation, the US is, meanwhile, lifting oil sanctions on Moscow to compensate for the energy shortage in the markets.
