Middle East Conflict Drives Up Gas Prices, But Americans Overestimate Rise

A recent survey conducted by Politico has revealed that many Americans overestimate the rise in gas prices. The poll, which included responses from 2,061 U.S. adults, found that roughly 3 in 5 adults believe the cost of gas in their area rose more than the data shows.

Nearly a quarter of respondents said fuel in their zip code rose by $3 or more, when it actually did not. The average price of gas this week was $4, which is a level it has fluctuated around since the U.S. and Israel launched renewed strikes on Iran earlier this month.

The conflict in the Middle East has driven up prices, with Iranian restrictions on the Strait of Hormuz and the recent entrance of Houthi rebels into the conflict contributing to the increase. The international benchmark Brent crude has crossed the $100 mark, with futures trading at around $101 per barrel - a rise of over $25 from where it was when the U.S.-Iran ceasefire was still intact.

The power struggle over the strait and shipping routes in the Red Sea persists, raising fears of a wider regional war and its impacts. The survey also found that 46% of voters said gas prices could influence their vote in the primaries and the midterm election, with self-identified MAGA Republicans more likely to underestimate cost increases than other GOP voters.