US gasoline prices have climbed above the $4 per gallon threshold, a level that is rapidly becoming a political liability for President Donald Trump and the Republican Party ahead of the September midterm elections.
The surge in pump prices follows recent US military strikes on Iran, which have disrupted global energy supply chains and pushed crude benchmarks higher.
The spike in consumer energy costs arrives at a sensitive moment for the administration.
President Trump has previously asserted that inflation has reached all-time highs, a claim that has intensified the political debate surrounding the ongoing military conflict.
With the Federal Reserve’s preferred inflation measure hitting a fresh three-year high in May, the combination of elevated energy prices and broader inflationary pressures poses a significant test for the Republican agenda.
Markets are reflecting the heightened geopolitical risk.