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Oil prices are blowing past warning levels, and President Donald Trump is now caught in the same economic trap that destroyed Joe Biden’s approval ratings. The situation started spiraling Thursday night when Israel launched airstrikes on Iran, and by noon Friday, the global benchmark for oil had jumped to $73 per barrel, up $8 in just over a day. Analysts say this is only the beginning. If the fighting escalates and hits key export points, oil could climb to $100 per barrel, a price the world hasn’t seen since Russia’s Ukraine invasion in 2022. For a president who campaigned on lowering energy costs, the timing couldn’t be worse. The war is happening thousands of miles away, but the financial hit is coming straight to Americans’ pockets. White House loses control as energy markets react to war Patrick De Haan, a fuel analyst at GasBuddy.com, predicted gas prices could rise by 25 cents a gallon in the next few weeks. As of Friday, the average was already $3.13 per gallon. Natural gas and electricity bills are also rising, and Trump’s administration now has fewer options than Biden had when he faced a similar energy crisis. Trump is already showing signs of frustration. At a bill signing on Wednesday, he turned to Energy Secretary Chris Wright and said, “I was going to call and really start screaming at you,” complaining about prices rising even before Israel struck. He campaigned last year on slashing energy costs, and now the markets aren’t listening. Bob McNally, who leads Rapidan Energy and previously served on the National Economic Council, warned: “Geopolitical price spikes pose a bigger risk of recession than inflation in my view. The White House should be worried.” And it’s not just inflation — it’s the whole economic stability of the country at risk.…

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Filed under: News - @ June 13, 2025 6:26 pm