Key US News This Week 18-25

• Gas prices surge during Iran war – US fuel prices have risen above $3.75–$3.84 per gallon, the highest since 2023, due to disruption in Middle East oil supply.

• War with Iran escalates – The US and Israel have conducted major strikes on Iranian military targets, including more than 90 sites on Kharg Island, a key Iranian oil hub.

• Oil markets disrupted globally – Attacks on energy infrastructure and Iran’s blockade of the Strait of Hormuz have pushed global oil prices above $100 per barrel.

• Trump eases shipping rules to control fuel costs – The administration temporarily waived the Jones Act to allow foreign vessels to transport oil and gas between US ports.

• US loosens sanctions on Venezuela oil – Washington allowed Venezuelan oil sales to boost global supply and help stabilize energy markets.

• Political pressure grows over fuel prices – Rising gas costs are becoming a major issue ahead of US midterm elections, with critics blaming the Iran war for higher living costs.

• Calls for windfall tax on oil companies – Democratic lawmakers proposed taxing large oil firms benefiting from higher energy prices.

• Federal Reserve holds interest rates – The US central bank kept rates unchanged as policymakers assess inflation risks linked to the Middle East conflict.

• Allies reject US request for military support – Several countries declined President Trump’s call to help secure shipping through the Strait of Hormuz.