Strait of Hormuz Closure Fuels U.S. Gas Prices and Shapes Midterm Politics

Since Iran shut the Strait of Hormuz in late February, the bottleneck has pushed global oil benchmarks higher and lifted U.S. pump prices. National averages for regular gasoline now sit near $4.50-$4.51 per gallon, while diesel exceeds $5.60.

New York Times

The closure follows Iran’s retaliation to joint U.S.–Israeli strikes that killed senior Iranian officials. Approximately one-fifth of world oil and liquefied natural gas transits the strait, so its blockage has constrained supply and amplified market volatility.

BBC News

• Mike Johnson, Speaker of the U.S. House of Representatives (R-LA)

Newsweek

• Donald Trump, former President, leading public pressure on Iran

Bloomberg

• Chris Wright, U.S. Energy Secretary

The Hill

• Zev Elkin, Israeli security-cabinet member

Bloomberg

• Ed Yardeni, President of Yardeni Research (market analyst)

CNBC

• AAA reports a national regular-gas average of $4.51 (source 4) and $4.50 (source 1).

Newsweek

• Diesel averages $5.65 per gallon (source 4).

New York Times

• Brent crude trades around $111 per barrel (sources 5, 7, 12).

New York Times

• West Texas Intermediate futures range $107-$108 (sources 6, 8, 10).

CNBC

• Futures on the Dow fell 0.35 % as oil rose 1.7 % (source 8).

CNBC

• Analysts warn that OECD oil inventories could reach “operational stress levels” by early June (sources 8, 10).

Oil Price

The House holds a 217-212 Republican majority. Lawmakers fear that high pump prices could erode voter support. Johnson linked the resolution of the Hormuz issue to “kitchen-table” concerns that may influence the November ballot. Democrats have opposed proposals to suspend the federal gas tax, citing risks to the Highway Trust Fund.

The Hill

Speaker Johnson emphasized that the Strait’s reopening would lower fuel costs and improve GOP electoral prospects. He credited recent legislation—the “Big Beautiful Bill” and the Working Families Tax Cut—for broader economic growth. Energy Secretary Wright projected that traffic could resume “sometime this summer at the latest.” President Trump repeatedly warned Iran that “the clock is ticking,” urging a swift settlement. Democratic leaders highlighted the gas-tax suspension as fiscally reckless.

The Hill

Polling cited in source 1 shows many Americans blame Trump for the price surge. Democratic officials argue that cutting the gas tax would jeopardize the Highway Trust Fund. Johnson acknowledged intra-party dissent over policy priorities, noting daily philosophical disagreements among a narrow Republican caucus. Iranian media accused Washington of offering “no tangible concessions,” framing the stalemate as a U.S. impasse.

Newsweek

Sources differ on the exact national gasoline average—$4.50 versus $4.51. Brent prices are reported as $111, $110.70, and $111.28 across outlets, reflecting minor timing variations. No source provides a definitive date for the strait’s reopening.

New York Times

• “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them,” “TIME IS OF THE ESSENCE!” — Donald Trump, former President

New York Times

• “Really, all points lead back to that,” — Mike Johnson, Speaker of the House

The Hill

• “Gas prices are too high because of that, and then that has an effect on how goods are transported to the grocery store and all the rest.” — Mike Johnson, Speaker of the House

The Hill

• “Now, traffic will be flowing through the Straits of Hormuz, you know, as soon as we can, but certainly sometime this summer at the latest,” — Chris Wright, Energy Secretary

The Hill

• “We have targets that we want to hit,” — Zev Elkin, Israeli security-cabinet member

Bloomberg

• “The financial markets expect interest rates to remain higher for longer, notwithstanding President Trump's demands that Kevin Warsh, newly instated as Fed chief, get rates down,” — Ed Yardeni, President, Yardeni Research

CNBC

Trump is scheduled to meet his national-security team in the Situation Room on Tuesday to discuss further options. Wright’s summer timeline remains the most concrete projection for Hormuz traffic. Analysts warn that prolonged closure could trigger “panic buying” and further price spikes, while the midterm campaign will likely foreground fuel affordability.

The Hill