Iran war fuels rising prices, political risk for Trump

Published: 10 March 2026

The English Chronicle Desk

The English Chronicle Online — World News

The US‑Israeli military campaign against Iran has entered its second week, rattling global markets and exposing President Donald Trump to mounting political risks. While the White House insists the operation is a “tremendous success,” mixed messages from Trump and his administration have left allies, investors, and voters uncertain about its goals and duration.

On Monday, Trump told reporters the war was “very complete, pretty much” and claimed the US was “far ahead of schedule.” Hours later, however, he walked back those remarks, saying the US might “go further” if Iran continued to threaten oil tankers. He vowed to hit Iran “so hard” that recovery would be impossible, while also suggesting the campaign was close to wrapping up.

This contradictory messaging has left observers questioning whether the administration seeks regime change, a limited military victory, or simply a show of force. Defence Secretary Pete Hegseth added to the confusion by outlining plans for heavier bombing campaigns, contradicting Trump’s earlier suggestion that the war was nearly complete.

Markets have swung wildly in response. Oil prices surged to $120 per barrel before falling back below $90 after Trump’s reassurances. Yet petrol prices in the US remain elevated, averaging $3.48 per gallon, up nearly 50 cents in a week. Economists warn that higher energy costs could fuel inflation and tip the economy into recession.

The Bureau of Labor Statistics reported the US lost 92,000 jobs in February, with unemployment rising to 4.4%. For voters already anxious about affordability, the war’s impact on household budgets is becoming a central concern.

Polls show sizeable opposition to the Iran campaign, with many Americans prioritising cost‑of‑living issues over foreign policy. In Georgia, voters in a special congressional election voiced frustration that rising gas prices were linked directly to Trump’s war. Some lifelong conservatives said they were considering switching support to Democrats as a result.

Trump has promised that prices will stabilise before November’s midterm elections, but critics argue he risks being seen as more focused on foreign interventions than domestic affordability. His “affordability tour” launched last year has stalled, overshadowed by military operations in Venezuela and Iran.

The Iran war has given Trump a chance to showcase military strength, but its economic consequences are already hitting American households. With contradictory messaging from the White House and rising costs at the pump, the president faces a dangerous mix of political risk and public discontent. Whether voters will accept his assurances that relief is coming remains uncertain.

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