Surge in Gasoline Costs Hits US Households as Middle East Conflict Intensifies

A new Reuters/Ipsos poll reveals 55% of Americans are feeling the financial hit from rising gas prices, with 87% expecting further increases due to Middle East war.

By: AXL Media

Published: Mar 21, 2026, 5:16 AM EDT

Source: Reuters

Energy Supply Disruptions and the Strait of Hormuz

The immediate catalyst for the price surge was the February 28 joint military action by the U.S. and Israel against Iranian targets, which led to retaliatory strikes on regional energy infrastructure. Most critically, the effective closure of the Strait of Hormuz has removed approximately 20% of the world’s oil supply from the market. This maritime bottleneck is a vital artery for global energy, and its blockage has pushed fuel costs to levels that threaten the stability of the domestic economy. The Trump administration is reportedly considering a massive troop deployment to secure the waterway, a move that could involve ground operations on Iranian territory.

Public Sentiment and Economic Expectations

Public outlook on the energy crisis is overwhelmingly pessimistic. According to the data, a staggering 87% of Americans believe gas prices will continue to rise over the next thirty days. This expectation of a sustained price hike is influencing consumer behavior and political approval. While President Trump initially returned to office on a platform of ending inflation and ushering in a "golden age," the reality of war time economics has shifted the narrative. The poll suggests that while many expect the deployment of ground troops in Iran, there is very little public appetite for an expanded land war.

Political Fallout and Disapproval Ratings

The timing of the energy spike is particularly hazardous for the Republican party as they prepare for the 2026 midterm elections. The cost of living has emerged as the definitive issue for voters, surpassing other policy concerns. Disapproval of the administration’s handling of the economy has climbed sharply; 63% of Americans now express dissatisfaction with how the White House is managing the cost of living, a significant jump from 41% earlier in the term. Currently, only 29% of the electorate approves of the President's performance on this specific issue.