On Friday, Sen. Elizabeth Warren (D-Mass.) warned that escalating tensions involving Iran could push gas prices higher for U.S. citizens already struggling with the rising cost of living.
Warren Criticizes Trump Over Iran Conflict
Warren accused Donald Trump of worsening financial pressure on U.S. households as geopolitical tensions threaten global oil supplies.
Taking to X, the Massachusetts Democrat said everyday expenses are already straining families.
“American households are struggling to afford groceries, housing, health care, child care, and electricity,” Warren wrote. “And now the price of gas is increasing because of Trump’s war in Iran.”
She added that “Trump has broken his promises, and working Americans are paying the price.”
She said this while sharing an early March report from NBC News stating that the U.S.-Iran conflict could last longer than expected, raising concerns about disruptions in global energy markets.
Strait Of Hormuz Crisis Raises Global Oil Supply Concerns
Markets grew more volatile after Iranian state media reported that Tehran had closed the strategic Strait of Hormuz and warned it could fire on ships attempting to pass.
The waterway is one of the world’s most critical energy chokepoints, carrying more than 20% of global oil shipments each day.
According to reports, the disruption has already begun affecting production.
Kuwait reportedly started cutting oil output after running out of storage capacity, signaling that the crisis is moving beyond financial markets into real supply constraints.
WTI crude futures for April 2026 delivery were trading at $91.27, rising $10.26, or 12.67% at Friday’s closing.
Experts Warn Gas Prices Could Rise If Conflict Drags On
Energy price shocks could quickly ripple into consumer costs. Retail gasoline prices typically move about 2.5 cents for every $1 increase in crude oil prices, according to industry estimates cited in the NBC report.
Earlier, Jamie Dimon, CEO of JPMorgan Chase, said the economic impact will depend on how long the conflict lasts.
“This right now will increase gas prices a little bit,” Dimon told CNBC on Monday. “If it’s not prolonged, it’s not going to be a major inflationary hit. If it went on for a long time, that would be different.”
Meanwhile, Treasury Secretary Scott Bessent said the U.S. may temporarily allow certain Russian oil transactions to stabilize global energy markets, including permitting refiners in India to purchase shipments already at sea.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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