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Commodities

$100 Oil: Trump's War with Iran Takes Toll on Midterm Hopes

Guavy AI Editorial Team
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The price of crude oil has surpassed $100 per barrel for the fourth time since President Donald Trump launched his conflict with Iran on February 28.

This increase is a major concern for voters ahead of the November 3 midterms, where Democrats are leading Republicans by almost 8 points in the polls.

The war with Iran has also led to a significant spike in gas prices in the US, reaching $4.60 per gallon in May and remaining at $4.15 as of Wednesday.

Iranian proxies have tightened restrictions on shipping traffic in the region, launching attacks against Saudi Arabia, a key US ally, which has further exacerbated tensions and driven up oil costs.

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