Trump's Oil Price Influence Fades Amid War and Midterm Worries

President Trump has managed to keep oil prices relatively low for now, but his ability to influence the markets may be waning. The midterm elections are just three months away, and control of Congress hangs in the balance.

Trump's approval ratings are at an all-time low due to voter concerns over cost-of-living issues, including high gas prices. Labor Day marks a critical point for gas prices, as they become 'baked into the election,' according to Republican pollster Frank Luntz.

The global crude oil supply is running low, and the ongoing war threatens energy flows. Refiners are also reaching capacity limits, leaving the administration with few tools to keep gas prices low.

A former Trump adviser cautioned that the President's credibility on this issue has been 'a little bit shot.' The markets are no longer responding to his promises, instead focusing on the actual events unfolding in the Middle East.