Gas prices hit a record high for this time of year as Iran and the United States hold talks over the Strait of Hormuz, with Trump officials warning that Tehran is betting on Democratic victories in November’s midterms.
The national average for regular gasoline reached $4.49 per gallon Friday, according to AAA. That compares to $3.16 per gallon a year ago. The increase follows weeks of disruption in the Strait of Hormuz, where commercial traffic has been sharply interrupted during the conflict.
“The president holds all of the cards here.”
The Price of Oil
AAA said volatility in the Strait of Hormuz and high crude oil prices drove the national average to its highest level ever recorded for this time of year. Secretary of State Marco Rubio acknowledged rising costs Wednesday, saying the cost of not acting was “substantially higher, especially for future generations.”
The pressure on consumers is now visible at the pump. Drivers are paying well above last year’s levels, and the national average has not stopped climbing.
Trump’s Speech at the U.N.
Trump addressed the U.N. General Assembly Tuesday, offering Iran a choice between a deal or annihilation. He predicted Iran would wait to see how he does in the midterm election, adding, “What they don’t realize is that I’m not running.” He also said, “It doesn’t even enter my mind” regarding the election.
His remarks suggest he sees the talks as a test of wills. Iran, he suggested, is waiting to see whether his political standing survives the vote.
Three Hours of Talks
Talks lasted three hours Tuesday. A U.S. official said talks through mediators remained “positive and constructive,” and nearly 40 million barrels of oil transited the Strait of Hormuz over the previous 48 hours.
The official predicted oil and gas prices would fall back to pre-conflict levels. That prediction rests on the assumption that the strait can reopen quickly.
Iran’s Seven-Day Plan
Iranian Foreign Minister Abbas Araghchi said Tehran proposed a seven-day plan to restore passage through the Strait of Hormuz. The plan would restore passage at the end of seven days if certain stated conditions are met, followed by renewed negotiations.
The proposal draws from the memorandum of understanding Trump and Iran reached in June. A mediator told CBS News the latest discussions were positive but in early stages.
Rubio’s Warning
Rubio called the talks “significant that at least there was a conversation.” He also warned that Iran was misreading the U.S. political system.
“I think the Iranians misread our system,” Rubio said. “I think the Iranians are under this illusion that Democrats are going to win in November, and the president will no longer be able to do things against them.”
He added that the president has “extraordinary powers” as commander in chief.
The Regime’s Blockade
State Department principal deputy spokesperson Tommy Pigott said, “We are seeing oil move [through] the Strait of Hormuz, increasing every single day.” He also said, “Hundreds of millions of dollars are being denied to the regime through this blockade that we’re seeing.”
Pigott framed the situation as one of American control. The U.S. is allowing oil to flow again, he suggested, while the Iranian regime loses revenue from the blockade.
The Midterm Bet
Trump’s warning to Iran was blunt: he is not running, and the election does not concern him. His prediction that Iran is waiting to see his performance suggests he believes Tehran is betting on a Democratic victory in November.
Rubio’s assessment echoed that view. He argued that Iran misunderstands the limits of congressional power over sanctions and military action.
What Comes After
The talks continue through mediators, and both sides describe them as positive. Whether that positivity holds depends on whether Iran can meet the stated conditions by the deadline.
The U.S. position is clear: it is not rushing a deal, and it controls the Strait of Hormuz. Iran’s proposal offers a seven-day timeline for reopening, with conditions Tehran says must be met.
The Record High
AAA reported the national average for regular gasoline reached $4.49 per gallon Friday, up from $3.16 a year ago. The record high for gasoline this time of year is a marker of that tension.
Prices are up, and the question of whether they come down depends on whether Iran can meet its own deadline.
Where the paper stands
The paper backs neither side’s desire for control of the Strait of Hormuz and backs instead an open shipping channel so that small businesses can move goods without fear of war. The standoff over the strait pits two governments against each other, each claiming to hold the cards, while drivers across the country pay the price at the pump.
The conflict has pushed gasoline to a record high for this time of year, with the national average reaching $4.49 per gallon Friday, up from $3.16 a year ago. The standoff threatens small businesses that rely on steady supply chains and fair prices.
An open Strait of Hormuz is in the interest of small businesses everywhere, which need reliable shipping lanes to move goods without fear of war. The paper backs an approach that keeps the channel open rather than one that closes it for political advantage.
Source material: “Iran ‘miscalculating’ by betting on midterms after 3-hour talks, Trump officials warn,” Fox News.
Get the Notebook.
The day's best stories and every fresh verdict, in plain English, in your inbox by seven. One email a day, no more.