Back to today’s briefing

Story perspectives

Trump Predicts Gas Prices Drop If Iran War Ends

4/20/2026

29 2 Full Breakdown

Summary

Story summary

U.S. President Donald Trump contradicted Energy Secretary Chris Wright's forecast that gas prices may not fall below $3 per gallon until next year, saying they would drop when the war with Iran ends.
Prices have risen above $4 per gallon due to disruptions in the Strait of Hormuz, with analysts warning a resolution could take months.
Vice President JD Vance will lead negotiations in Islamabad, with Iran not confirming participation.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to U.S. support for Israel during the Yom Kippur War. This led to a dramatic increase in oil prices, quadrupling from $3 to nearly $12 per barrel by 1974. The crisis reshaped global energy policies and continues to influence today's rising gas prices amid ongoing geopolitical tensions.

1 of 2

Story summary

U.S. President Donald Trump contradicted Energy Secretary Chris Wright's forecast that gas prices may not fall below $3 per gallon until next year, saying they would drop when the war with Iran ends.
Prices have risen above $4 per gallon due to disruptions in the Strait of Hormuz, with analysts warning a resolution could take months.
Vice President JD Vance will lead negotiations in Islamabad, with Iran not confirming participation.

1 / 2