Iranian parliament speaker Mohammad Bagher Qalibaf wrote on social media that Americans would soon be “nostalgic for $4–$5 gas” after President Trump announced a blockade of the Strait of Hormuz. The comment came as oil prices climbed amid the Iran conflict, adding pressure to already high U.S. pump prices.
CBS’s Taurean Small, reporting from Doral, said the White House argued the blockade would prevent Iran from selling oil but acknowledged higher energy costs could persist. AAA data cited by the report showed the price of a gallon of regular spiked roughly 40% since the day before the war began. In an interview, the president said prices could remain high through November and that they might be the same or slightly higher by the midterm elections.
Higher oil costs have contributed to a surge in inflation. A March Bureau of Labor Statistics report tied rising energy prices to higher overall inflation, and new CBS polling found just 31% approval for the president’s handling of inflation. The poll also showed most Americans view current gas prices as a financial hardship since the start of the conflict.
Domestic political reactions were split: Democrats faulted the administration’s handling of energy and pricing, while Republicans argued economic relief shouldn’t come at the cost of allowing Iran greater leverage, including nuclear ambitions. Lawmakers were expected to return to Washington anticipating a supplemental funding request to support the war effort, on top of a proposed $1.5 trillion defense budget request for the next year.