US-Iran Tensions Drive Oil Higher as Political Pressure Mounts on White House Energy Policy
WTI and Brent futures climb as gasoline averages exceed $4.45 a gallon, while polling data reveals weakening approval ratings for the administration.
Former US Representative Marjorie Taylor Greene has publicly criticised President Donald Trump over the administration’s handling of energy costs and foreign policy following the outbreak of conflict in Iran. Speaking on social media platform X, Greene accused the president of abandoning campaign promises regarding energy affordability and avoiding foreign wars, specifically questioning the implementation of the “drill baby drill” slogan that promised a major expansion of domestic oil and gas production.
The comments coincided with a sharp rise in energy markets, driven by ongoing tensions between the United States and Iran. Reuters reported that a US official confirmed American forces struck an Iranian ground control station in Bandar Abbas and shot down four one-way drones near the Strait of Hormuz. The official described the actions as measured and purely defensive, intended to maintain a fragile ceasefire that Washington and Tehran have been discussing.
Market volatility reflected the geopolitical uncertainty. At the time of reporting, West Texas Intermediate (WTI) crude oil futures were up 3.32 per cent, while Brent futures rose 3.92 per cent to $97.90 a barrel. Prices had risen on Wednesday after a prior session in which they fell more than 5 per cent on hopes for a diplomatic deal. The current pricing environment contrasts with Greene’s assertion that oil was trading in the low $70s before the conflict began.
Consumer fuel costs have risen in tandem with crude prices. The American Automobile Association reported that the national average price for regular gasoline reached $4.459 a gallon. While this represented a slight decrease from $4.491 the previous day, it remains significantly higher than the $4.111 recorded a month earlier. The price surge has drawn renewed scrutiny from critics who argue that rising inflation is contrary to voter expectations.
Political pressure on the White House is intensifying alongside market movements. An Economist/YouGov poll released this week found Trump’s net approval rating near former President Joe Biden’s lowest numbers, with Americans expressing more negative views of his job performance than at any point during either of Trump’s terms. Meanwhile, traders on Polymarket are assigning 67 per cent odds that WTI crude will fall to $85 a barrel or lower by the end of June, reflecting hopes for supply normalization despite current volatility.
