WORLD NEWS – Oil prices continue to rise as war in the Middle East continues

By Ben Schneider, Staff Writer

Oil prices continue to rise as war in the Middle East continues. This week, gas prices around the nation are at the highest they’ve been since 2022, at a national average $3.91 per gallon. One barrel of crude oil is up to $110 today, as the Strait of Hormuz (responsible for transporting 20% of the world’s oil) remains closed. Last month, that same barrel was $71. Goldman Sachs has said these prices may continue through 2027, according to a report by CNN. This closure has created waves around the world. The New York Times predicts in the coming weeks inflation will rise faster and growth will be slower.

Most salient in the equation is President Trump is an election ace:  gas prices. Prior to the war, gas prices were relatively stagnant, after goods became more expensive after tariffs. Rising gas prices may create mounting pressure from voters, as Trump ran his 2024 campaign on affordability and curbing inflation. Still, oil prices rising don’t just mean fuel will be more expensive.  Oil and gas are integral to the function of nearly every industry in America, and with midterm elections this year, voters will decide if higher prices at the pump deserves a vote.