Trump says oil and gas prices could remain high until November midterm elections

U.S. President Donald Trump gives a thumbs up as he arrives at Miami International Airport in Florida, the United States, April 11, 2026. — Reuters
  • Trump announces naval blockade of the Strait of Hormuz.
  • A Democratic senator questions the US president’s strategy.
  • Trump’s approval rating has plummeted since the start of the war against Iran.

U.S. President Donald Trump said Sunday that oil and gasoline prices could remain high until the November midterm elections, a rare acknowledgment of the potential political fallout from his decision to attack Iran six weeks ago.

“It could be, or the same, or maybe a little higher, but it should be about the same,” said Trump, who is in Miami for the weekend. Fox News” “Sunday Morning Futures With Maria Bartiromo” when asked if the cost of oil and gas will be lower by the fall.

The average price of regular gasoline at U.S. gas stations topped $4 a gallon for most of April, according to GasBuddy data. Trump’s comments Sunday come after weeks of him saying the price surge was a short-term phenomenon, even though his top advisers are aware of the war’s economic impacts, officials said.

Earlier on Sunday, Trump announced on social media that the US Navy would blockade the Strait of Hormuz and intercept any ship paying a crossing fee to Iran, after marathon negotiations between the US and Iran in Pakistan over the weekend failed to produce a peace deal.

“No one who pays an illegal toll will be able to travel safely on the high seas,” he wrote on Truth Social.

Any US blockade is likely to add even more uncertainty to the eventual resolution of the conflict, which is currently subject to a tenuous two-week ceasefire. The new tactic is a response to Iran’s closure of critical shipping lanes in the strait, which has caused global oil prices to skyrocket by around 50%.

Unpopular war clashes with Trump’s approval

The war began on February 28, when the United States launched a joint bombing campaign with Israel against Iran. The scope quickly expanded as Iran and its allies attacked neighboring countries, while Israel targeted Hezbollah with massive strikes in Lebanon.

The war shook global financial markets and caused thousands of civilian deaths, mainly in Iran and Lebanon.

Trump’s political standing at home has suffered, with polls showing the war is unpopular among most Americans, frustrated by rising gasoline prices.

The president’s approval rating has reached its lowest point in his second term, sparking concern among Republicans that his party could lose control of Congress in the midterm elections. A Democratic majority in either chamber could launch investigations into the Trump administration while blocking much of its legislative agenda.

U.S. Sen. Mark Warner of Virginia, the ranking Democrat on the Senate Intelligence Committee, questioned the strategy behind Trump’s planned blockade.

“I don’t understand how the blockade of the strait could push the Iranians to open it,” he said. CNN “State of the Union” Sunday.

In a separate appearance on CBS “Face the nation,” Warner said the blockade would not undermine Iranian control over the waterway.

“The Iranians have hundreds of speedboats on which they can still mine the strait or plant bombs on oil tankers to close the strait,” he said. “How is this going to lower gas prices?”

Although Trump has repeatedly declared that the war will soon be over, Republican U.S. Senator Ron Johnson of Wisconsin said: ABC News“This week,” said Sunday that achieving U.S. goals in Iran “could take a long time.”

“This will be a long-term project,” said Johnson, who was not asked about Trump’s proposed blockade. “I never thought it would be easy.”

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