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Why Trump is facing his biggest danger from rising oil prices since the war began

Politico · back to the audit

The expanding conflict in the Middle East is thwarting the Trump administration's bid to lower gasoline prices ahead of the looming midterm elections. It's not just the Strait of Hormuz -- oil tankers are now facing attacks on three major shipping routes as of this week. Global crude oil inventories are reaching critically low levels, with little hope of refilling them soon. The global Brent crude benchmark price has surged more than $25 a barrel since President Donald Trump declared the tenuous ceasefire with Iran "OVER!" earlier this month, topping $100 briefly on Thursday. For Republicans eager to put as much distance as possible between the gasoline price spikes in the spring and the Nov. 3 midterm elections, the new escalation presents a threat to their slim majorities in Congress. Gas prices jumped 15 cents from last week to $4.09 a gallon on Thursday, according to the American Automobile Association.