President Donald Trump says gasoline prices will 'drop like a rock' once the Iran war ends, but the article argues he is missing the bigger inflation picture. According to New York Fed economists, Trump's tariffs added 2.9 percentage points to consumer goods inflation by February 2026, and their effects have persisted even though the Supreme Court invalidated them in February 2026. The Iran war, which began on February 28, led to the near-closure of the Strait of Hormuz to most commercial vessels, pushing gas prices up at the fastest pace in 30 years. The author says energy infrastructure will take months to recover, so fuel prices could stay elevated for several quarters after the war ends, and inflation is spreading beyond energy.
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- President Donald Trump Claims Gasoline Prices Will Drop Like a Rock When the Iran War Ends, but He Completely Missed the Bigger Picture
President Donald Trump has repeatedly said gasoline prices will 'drop like a rock' once the Iran war ends, but the article argues he is overlooking broader inflation. The author says inflation driven by tariffs and the Iran war is becoming entrenched in the U.S. economy, even though the Supreme Court invalidated the tariffs in February 2026. A New York Fed estimate found tariffs had added 2.9 percentage points to consumer goods inflation by February 2026. After the war began on February 28, the closure of the Strait of Hormuz halted about one-fifth of the world's crude oil supply, pushing gas prices up at the fastest pace in 30 years. The author contends energy infrastructure will take months to recover, keeping fuel prices elevated for quarters, and that inflation has spread into the wider economy.
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- US President Trump said Iran had asked for a halt to US attacks ; European bourses set for a firmer open after the recent tech sell off - Newsquawk EU Market Open
President Trump said Iran has asked the US to halt its attacks and negotiations are still ongoing; he said he would not use nuclear weapons but warned the US may have to go to Pickaxe Mountain. CENTCOM rejected the IRGC's claim that it controls the Strait of Hormuz and denied that a Singapore-flagged container ship hit a naval mine, saying the civilian vessel M/V GFS Pride was hit by an IRGC projectile and sank while being towed to shore. Iran's Army Commander said the Strait of Hormuz would remain closed until the rights of the Iranian people are respected, while Tehran blacklisted more vessels, bringing the total to 120. The Saudi-led coalition said it intercepted and destroyed a drone launched toward the kingdom's eastern region. In markets, US stocks swung mixed before rebounding modestly, but tech remained under pressure after the KOSPI fell 7.5% overnight.
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