Trump Signals High Gas Prices Through November Midterms

U.S. President Donald Trump has acknowledged that gasoline prices might remain high through the November 2026 midterm elections, a rare admission of the potential political fallout from the ongoing war in the Middle East. Trump told Fox News’ Maria Bartiromo that gas prices could “stay the same, or maybe a little bit higher, but it should be around the same” when asked if gas prices would be lower by the fall.

Trump has defended the surge as a “very small price to pay” for long-term global safety and the neutralization of Iran’s nuclear threat. The U.S. national average price of gas stood at $4.125 per gallon on Monday, up from $3.630 a month ago and $3.189 a year ago.

GasBuddy has warned that gas prices are set to rise again as oil markets surge following a collapse in ceasefire talks between the United States and Iran. After a brief dip, oil prices are surging again, leading to another potential jump at the pump this week.

Oil prices jumped nearly 6% back above $100 a barrel as the U.S. moved to block ships sailing through the Strait of Hormuz in a bid to throttle Iran’s oil exports. Brent crude for June delivery was up 5.75% to trade at $101 per barrel at 11.20 am ET on Monday, while WTI crude for May delivery increased 5.86% to trade at $102.04 per barrel.

In a series of Truth Social posts, Trump stated that the Navy would intercept any vessel that paid a “crossing fee” or toll to Iran, characterizing these payments as extortion. Trump has instructed the Navy to seek and interdict every vessel in international waters that has paid a toll to Iran, warning that such ships would forfeit safe passage on the high seas. 

While the American president initially threatened a total blockade, U.S. Central Command (CENTCOM) later clarified that the operation will target all maritime traffic entering or exiting Iranian ports specifically.

By Alex Kimani for Oilprice.com

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Alex Kimani

Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com. 

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