Iranian parliament speaker Mohammad Bagher Qalibaf posted on social media that Americans would soon be “nostalgic for $4–$5 gas” after President Trump announced a blockade of the Strait of Hormuz. His comment came as global oil prices rose amid the Iran conflict, putting further upward pressure on already high U.S. pump prices.
Reporting from Doral, CBS’s Taurean Small said the White House maintained the blockade was intended to prevent Iran from selling oil, while acknowledging that energy costs could remain elevated. AAA data cited in the report showed the price of a gallon of regular gasoline had jumped roughly 40% compared with the day before the war began.
In an interview, President Trump warned that gasoline prices could stay high through November and suggested they might be the same or slightly higher by the midterm elections.
Rising oil costs have been a major factor in broader inflationary pressures. A March Bureau of Labor Statistics report linked increasing energy prices to higher overall inflation, and a new CBS poll found only 31% of respondents approve of the president’s handling of inflation. The poll also indicated that most Americans consider current gas prices a financial hardship since the conflict began.
Domestic political reactions have been split. Democrats criticized the administration’s approach to energy policy and price management, while Republicans argued that providing economic relief should not come at the risk of giving Iran greater leverage, including on nuclear issues.
Lawmakers were expected to return to Washington anticipating a supplemental funding request to support the war effort, to be considered in addition to a proposed $1.5 trillion defense budget request for the coming year.