The US-Iran conflict is escalating, with attacks on military targets and critical infrastructure, and three US service members killed. Iran has reasserted control over the Strait of Hormuz, leading to rising US gas prices. An expert discusses the unraveling agreement, regional impact, and potential for renewed diplomacy.
Chicago taxis now have a temporary fuel surcharge ($1, $2, or $3 based on trip cost) to offset rising gas prices, alongside other fare increases (rush-hour, overnight, cleanup) and base rate adjustments to support the struggling taxi industry.
US drivers face prolonged high gas prices, with experts suggesting a return to pre-war levels could take months or years due to damaged infrastructure and supply chain issues, even if peace is declared soon. Current prices are $4.55 nationally, with potential to reach $5.
A Reuters/Ipsos poll finds 77% of registered voters blame President Trump for rising gasoline prices driven by his decision to launch a war on Iran with Israel. The conflict has pushed gas prices to $4/gallon, up $1 from before the war, with 58% of voters saying they would be less likely to support candidates backing Trump's Iran approach. Republicans' traditional economic advantage has eroded from 14 points to just 1 point ahead of November midterm elections.
The CNBC All-America Economic Survey finds nearly 80% of Americans have altered spending habits due to soaring gas prices, with over 50% believing the increases will persist six months or more. Gas prices have surged more than 30% to exceed $4 per gallon since the U.S. and Israel attacked Iran on Feb. 28. About 60% have cut entertainment spending, while 40% are spending less on essentials like groceries and medical care. President Trump has dismissed concerns, stating prices are 'not very high.'
Over four days earlier this month, President Trump posted to Truth Social about a triumphal arch, ballroom construction, Iran war, a UFC fight at the White House and Bruce Springsteen — but notably absent was the economy, an issue he rode to victory in 2016 and 2024. Critics and Republicans warn Trump isn't making the economy enough of a priority with midterm elections six months away, despite 60% disapproving of his handling of the economy in CNBC's latest survey. Gas prices are 27% higher year-over-year, and Trump has called affordability a 'Democratic hoax.'
