Gas prices once again set to hit a record high from Trump's Iran war

PoliticsBusiness & Finance
2 Nov 2026 • 11:02 PM MYT
The Independent
The Independent

The world’s most free-thinking newspaper

Gas prices once again set to hit a record high from Trump's Iran war

  • U.S. gas prices are set to hit a record high just before the midterm elections following President Donald Trump's military action against Iran.
  • The conflict and subsequent blockade of the Strait of Hormuz have driven average regular gasoline prices to $4.29 a gallon and diesel above $6 a gallon.
  • Skyrocketing energy costs have led to a collapse in President Trump's approval ratings in the weeks leading up to the vote.
  • Trump defended the rising fuel costs as a small price to pay for Middle East security, despite previously promising $2 per gallon of gas.
  • In an effort to lower costs, Trump lifted sanctions on Russian diesel exports and announced an $8 billion relief program for farmers.

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