Trump admits high gas prices could last until US midterm elections

Donald Trump has conceded that high oil and gas prices could persist through November's mid-term elections, a rare acknowledgement of the potential political fallout stemming from his administration's policy towards Iran.Speaking to Fox News' "Sunday Morning Futures With Maria Bartiromo" from Miami, Trump was asked if the cost of oil and gas would decrease by the autumn. He responded: "It could be, or the same, or maybe a little bit higher, but it should be around the same." This comes after weeks of the president asserting that the spike in prices was a short-term phenomenon, despite his top advisers reportedly being aware of the war's economic impacts. Data from GasBuddy indicates that the average price at US service stations has exceeded $4 per gallon for most of April.Earlier on Sunday, Trump announced on social media that the US Navy would blockade the Strait of Hormuz, intercepting any vessel that paid a crossing fee to Iran. Writing on Truth Social, he stated: "No one who pays an illegal toll will have safe passage on the high seas." This new tactic follows marathon talks between the US and Iran in Pakistan over the weekend, which failed to yield a peace deal. The blockade is presented as a response to Iran's own closure of the strait's critical shipping lanes, an action that has seen global oil prices skyrocket by approximately 50 per cent.The conflict began on 28 February with a joint US-Israel bombing campaign against Iran. Its scope quickly expanded as Iran and its allies launched attacks on neighboring countries, while Israel targeted Hezbollah with significant strikes in Lebanon. The war has since buffeted global financial markets and resulted in thousands of civilian deaths, predominantly in Iran and Lebanon.Trump made the admission about gas prices on Sunday (Getty)Domestically, Trump's political standing has suffered, with polls indicating widespread unpopularity for the war among Americans, who are increasingly frustrated by rising petrol prices. The president's approval rating has plummeted to the lowest levels of his second term in office, sparking concern among Republicans that the party is poised to lose control of Congress in the upcoming mid-term elections. A Democratic majority in either chamber could initiate investigations into the Trump administration and obstruct much of his legislative agenda.US Senator Mark Warner of Virginia, the ranking Democrat on the Senate Intelligence Committee, questioned the strategic rationale behind Mr Trump's proposed blockade. Speaking to CNN's "State of the Union" on Sunday, he remarked: "I don't understand how blockading the strait is going to somehow push the Iranians into opening it." In a separate appearance on CBS's "Face the Nation," Senator Warner further argued that the blockade would not undermine Iranian control of the waterway. "The Iranians have hundreds of speedboats where they can still mine the strait or put bombs against tankers in closing the strait," he said. "How is that going to ever bring down gas prices?"While Trump has repeatedly suggested the war would conclude swiftly, Republican US Senator Ron Johnson of Wisconsin told ABC News' "This Week" on Sunday that achieving US aims in Iran "could take a long time." He added: "It's going to be a long-term project. I never thought this would be easy."