Gas prices may not be coming down as quickly as American drivers would like.
A two-week ceasefire between the U.S. and Iran went into effect last week, inspiring hope that gas prices could start falling soon. But when Fox News host Maria Bartiromo asked President Donald Trump on “Sunday Morning Futures” whether he thought oil and gas prices could come down before the midterm elections, he said, “it could be the same or maybe a little bit higher.”
His comments came just after U.S. and Iran held peace negotiations in Pakistan over the weekend, but did not come to an agreement to end the war. The U.S. Navy then enacted a blockade of Iran ports in the Strait of Hormuz, a critical oil passageway, beginning Monday morning.
The conflict has caused major disruptions to the global oil supply chain, including the blockage of the Strait of Hormuz, driving up the price of oil. Brent crude oil, a global price benchmark, rose from around $70 per barrel before the war began to as high as $118 per barrel at the end of March. It currently sits around $97 per barrel.
When the war broke out at the end of February, the initial closure of the Strait led to the largest oil supply disruption in history, according to consulting firm Rapidan Energy.
