from Politico
A week after it began its strikes on Iran, the Trump administration’s efforts to stem the rise in energy prices have yet to turn the tide — and analysts warn the worst of the price shocks may still be to come.
The U.S. benchmark oil price eclipsed $90 a barrel on Friday for the first time since 2023, up more than $20 since the war began Saturday and the market’s highest one-week jump in history. The price increase has already started to appear for American consumers, with prices at the gas pump up 32 cents a gallon from a week ago.
The unyielding price increases — which analysts attributed to the continued disruption in the Strait of Hormuz, through which 20 percent of the world’s crude passes each day — comes as President Donald Trump is under rising pressure to contain the economic impact of the war on Americans, eight months ahead of the midterms, where affordability issues are top of mind.
“Crude WILL go to $200 [a barrel], en route higher, unless traffic through the Strait resumes,” said Rory Johnston, an oil analyst who writes the newsletter Commodity Context, in a post on X. “Not clickbait, but rather brutal physics and necessary economic incentives.”...
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