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flag Trump reversed praise for low gas prices, citing higher oil prices as beneficial amid rising U.S. prices and Middle East tensions.

flag In March 2026, President Donald Trump reversed his earlier praise of low gas prices, now claiming higher oil prices benefit the U.S. as the world’s top oil producer, despite the national average rising from $2.30 to $3.60 per gallon amid conflict with Iran. flag The Strait of Hormuz remains a flashpoint, with the U.S. military focusing on disabling Iran’s capabilities rather than escorting tankers and delaying shipping restoration. flag The administration expanded waivers for Russian oil sales and considered suspending the Jones Act to ease domestic supply chains while releasing 172 million barrels from strategic reserves. flag Analysts warn sustained volatility could fuel inflation and slow growth, with no clear timeline for market stabilization.

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