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Gas Prices in the US Reach a New Peak

The escalating US-Iran conflict is taking a toll on American wallets, with average gas prices soaring to $4 per gallon (3.8 litres) this week, a level not seen since 2022. The economic strain is a stark contrast to the swift military interventions championed by Trump, who has touted his successes in high-profile operations such as the 2019 killing of ISIL leader Abu Bakr al-Baghdadi, the 2020 assassination of Iranian general Qassem Soleimani, last year’s bombing of Iran’s nuclear facilities, and the January abduction of Venezuelan President Nicolas Maduro. However, these actions had limited domestic impact, unlike the ongoing Iran campaign, which is now sparking growing economic anxiety among voters. As Trump addresses the nation tonight, he faces mounting pressure to address the rising petrol prices and the potential inflation and recession that some economists warn may follow. The US’s inability to loosen Iran’s grip on the Strait of Hormuz suggests that a unilateral declaration of victory from the White House will not resolve the issue. Furthermore, escalating the conflict may not provide relief, and the energy markets appear to have become desensitized to Trump’s reassurances that the war will soon be over, despite a temporary dip in prices in the initial weeks of the conflict.

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