Sen. Elizabeth Warren (D-Mass.) blamed President Donald Trump‘s war in Iran for rising gas prices squeezing American families, while Trump has argued that other countries should “reimburse” the U.S. for keeping the Strait of Hormuz open.
‘All This for a War He Can’t Even Explain’
Gas prices have climbed to $4.15 a gallon, nearly $1 more than a year ago, Warren said, calling it “the highest price ever for September.”
“All this for a war he can’t even explain,” she said in a post on X Monday.
According to AAA, the national average for gasoline stood at $4.31 a gallon as of Monday, up from roughly $3.19 a year earlier, while diesel hit a record $6.20 a gallon.
Trump Blames Biden
Trump said in a post on Truth Social that current price increases stem from the former President Joe Biden‘s administration, and that oil will “drop like a rock” once the Iran conflict ends.
He separately argued that other countries should “reimburse” the U.S. for keeping the Strait of Hormuz open.
Last week, the president said oil prices would fall “precipitously” once the U.S. wins the war with Iran, with gas first dropping to $3 a gallon before eventually falling below $2. He also added that prices would come down a little after the midterm elections in November.
Gas prices hit their highest Labor Day level on record last week.
Trump Points to Ukraine
Trump has separately urged Ukraine to stop striking Russian oil refineries, saying the attacks are worsening the global diesel shortage.
Sen. Chuck Schumer (D-N.Y.) pushed back on the idea that Ukraine bears responsibility, calling it Trump’s “newest LIE” and saying that “Americans know it’s Trump and his war with Iran that’s driving up costs.”
At the time of writing, WTI crude oil rose 1.11% to $102.52 per barrel, while Brent crude advanced 0.13% to $106.61 per barrel.
Price Action: On Monday, United States Brent Oil Fund (NYSE: BNO) climbed 1.29% to close at $62.16 and gained 0.86% in extended trading, while ProShares Ultra Bloomberg Crude Oil (NYSE: UCO) rose 1.01% to $52.08.
United States Oil Fund (NYSE: USO) gained 1.14% to close at $156.66 and rose 0.15% in after-hours trading.
Benzinga edge rankings indicate United States Oil Fund has a Momentum score in the 94th percentile and a positive price trend across the short, medium, and long term.
See More: Top Momentum Stocks
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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