Trump Scrambles to Temper Uncontrolled Gas Price Hikes

President Trump launched a series of efforts this week to curb spiking gasoline prices following his decision to attack Iran, but the measures have had limited effect so far.

Prices continue to climb as the conflict deepens.

Brent crude prices on Friday rose above $90 per barrel and are now trading nearly 30% higher than before the war in Iran began, Ben Werschkul reported for Yahoo Finance.

West Texas Intermediate crude, a key US benchmark, has also surged by nearly a third.

Prices at the pump in the US quickly followed.

The national average rose from $2.98 per gallon last week to $3.32 on Friday, according to the American Automobile Association (AAA). Diesel prices have risen even more sharply.

Trump has tried to downplay the political impact of the spike, claiming the oil market has “pretty much stabilized.”

But prices continue to climb as the conflict deepens.

US presidents have limited power to influence global oil prices, yet they often receive the blame when fuel prices rise.

The surge has clearly caught the attention of Trump’s economic team.

On Thursday evening, Treasury Secretary Scott Bessent announced a temporary countermeasure — a 30-day waiver allowing Russian oil shipments already at sea to continue flowing to India.

He said the “stop-gap measure will alleviate pressure.”

The policy was limited in scope and had no immediate impact on prices. Brent crude climbed another 5% within 12 hours of the announcement.