US drivers face long-term pain at pump, analysts say; Trump bets they are wrong
The Straits Times
Analysts predict US drivers will face long-term pain at the pump, despite Trump's prediction of falling oil prices after the Iran crisis. Read more at straitstimes.com.
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WASHINGTON – US President Donald Trump and congressional Republicans are betting the oil-price shock sparked by the Iran crisis will be too short-lived to hurt them politically in November.
Traders and industry analysts, however, see signs that US pump prices will stay painfully high long after any diplomatic breakthrough.
Oil prices have surged as the conflict disrupted global supply. US crude topped US$100 (S$128) a barrel for the first time since the 2022 Russia-Ukraine shock. US diesel climbed above US$5 a gallon, its highest since late 2022.
The disruptions stem, in large part, from Iran’s effective blockade of the Strait of Hormuz, the chokepoint through which roughly a fifth of global oil normally flows.
Mr Trump has repeatedly said the higher energy costs are a small price to pay for neutralising Iran. He again predicted on March 17 that energy prices would “drop like a rock” after the conflict ends.
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Analysts predict US drivers will face long-term pain at the pump, despite Trump's prediction of falling oil prices after the Iran crisis. Read more at straitstimes.com.
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