Gas prices surge, pinching Americans and handing the GOP a new midterm headache

This material may not be published, broadcast, rewritten, or redistributed. ©2026 FOX News Network, LLC. All rights reserved. Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by LSEG. John Arnold, co-founder of Arnold Ventures, says the biggest worry in any escalation is pain at the pump—though prices are still below levels from 15 to 20 years ago. President Donald Trump, who rode promises of affordability back to the White House, is now confronting Iran-driven volatility that’s undermining that message as fuel costs rise nationwide — and putting fresh pressure on Republicans heading into the midterms. With the Iran conflict rattling oil markets and raising fears of supply disruptions, gas prices are climbing again, squeezing Americans already worn down by inflation. This week, oil prices surged past $100 a barrel for the first time since 2022 as fallout from the U.S.-Israeli conflict with Iran continued to roil global markets and investors priced in the risk of tighter supply. With oil higher, gasoline and diesel prices are risin