Oil Tops $114 as Iran Standoff Spurs U.S. Gas Spike and Approval Worries

President Donald Trump’s approval rating has dropped to the lowest level recorded since his return to the White House, as the economic fallout from the war with Iran intensifies affordability struggles for American households. A Reuters/Ipsos poll released Wednesday found that just 34 percent of respondents approve of Trump’s performance, while 64 percent disapprove. The numbers are even more dire on the specific question of handling inflation and rising prices, with only 21 percent approval against 70 percent disapproval. Pollsters noted that most responses were collected before Saturday’s shooting at the White House Correspondents’ Dinner, in which a suspect has been charged with attempting to assassinate the president.

The decline arrives as the fragile ceasefire between the United States, Israel and Iran shows little sign of evolving into a lasting peace. Nearly two months after U.S. and Israeli strikes began on February 28, negotiations remain stalled. Iran has conditioned any reopening of the Strait of Hormuz on the lifting of American blockades and an end to the broader conflict. The waterway carries roughly one-fifth of global seaborne oil. Its effective closure, combined with the U.S. naval blockade of Iranian ports, has triggered a sharp disruption in energy markets that is now reaching American drivers and consumers.

The numbers at the pump tell the story. The national average for regular gasoline climbed to $4.229 per gallon on Wednesday, according to AAA, marking a 20-cent increase in a single week and the sixth consecutive day of rises. A month ago the price stood at $3.98. Diesel has climbed even higher, reaching about $5.46 per gallon. These increases ripple quickly through the economy. Higher diesel costs elevate shipping and trucking expenses that translate into pricier groceries and consumer goods at a moment when many families are already strained.

Oil futures reflect the same pressures. Brent crude rose 2.8 percent to $114.37 a barrel on Wednesday, extending a multi-day rally and posting gains of more than 49 percent since the conflict began. West Texas Intermediate climbed above $103. The volatility persists even after the United Arab Emirates announced its departure from OPEC, a development analysts described as having limited immediate market impact compared with the uncertainty around the Strait of Hormuz.

The Trump administration has offered mixed signals. Energy Secretary Chris Wright told CNN last week that prices had “likely peaked” for the year, though he doubted they would return to near $3 levels until later this year or next. Trump pushed back, stating publicly that gas prices would fall back toward $3 once the war concludes. On Wednesday the president escalated his rhetoric on Truth Social, warning Iran to “get smart soon” and accusing its leadership of failing to “get their act together.” Reports indicate the administration intends to extend the blockade of Iranian ports, a move likely to prolong the energy shock.

For working families, truckers and small businesses the added costs are immediate and tangible. Every additional dime at the pump tightens household budgets and raises the price of everyday necessities. The situation underscores the United States’ continued vulnerability to events in the Middle East despite years of debate over achieving greater energy independence. Domestic production has risen in recent years, yet global oil markets remain tightly linked, and disruptions in critical chokepoints still dominate price signals.

The political consequences appear clear in the polling. Trump returned to office in January 2025 promising to restore American strength and economic vitality. Yet the military campaign against Iran, initially framed as necessary to counter regional threats, is now colliding with domestic realities. The Reuters/Ipsos survey captures a public that connects the dots between distant conflict and higher costs at the grocery store and gas station. Disapproval of the president’s economic stewardship has reached levels that suggest broad skepticism about whether the administration’s approach is delivering relief.

Ceasefire talks have made little visible progress in recent days. Both Washington and Tehran have struggled to reach the negotiating table in any meaningful way. Iran’s leverage flows from its ability to disrupt oil flows, while the U.S. maintains pressure through sanctions and naval power. The result is a standoff that keeps markets on edge and prices elevated. Analysts warn that without a diplomatic breakthrough, the current price trajectory could extend well into the summer, further eroding consumer confidence.

The convergence of stalled diplomacy, rising energy costs and declining presidential approval illustrates the tight relationship between foreign policy decisions and domestic economic well-being. As officials on all sides continue to maneuver, American households are left to absorb the practical consequences: more expensive commutes, higher delivery charges and tighter budgets. Whether the administration can translate its hard-line posture into a stable resolution that eases these pressures will likely shape public views of Trump’s second term in the months ahead.

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