The AAA national average price for regular gas soared more than nine cents higher in one day, surging from $4.30 as of Thursday to $4.392 as of Friday.

The current figure is a whopping $0.333 higher than the week-ago average price of $4.059, according to AAA. The year-ago average for regular gas was just $3.187.

However, the highest recorded AAA national average regular gas price was $5.016 on June 14, 2022, which was during President Joe Biden’s White House tenure.

GAS PRICES SOAR TO HIGHEST POINT SO FAR DURING UNSETTLED CONFLICT WITH IRAN

A fuel pump is connected to a car at a Mobil station in Englewood Cliffs, New Jersey, on Thursday, March 5, 2026. (Kena Betancur/Bloomberg via Getty Images / Getty Images)

Fox News Digital reached out to the White House for comment on Friday.

The U.S. conflict with Iran remains unresolved, and the Trump administration has been enforcing a blockade on Iranian ports.

Oil prices are currently elevated. Brent Crude international futures were over $111 a barrel and West Texas Intermediate U.S. futures over $105 per barrel during early trading, Barron’s reported on Friday morning.

US SHRIMPERS FACE ‘DOUBLE WHAMMY’ FROM SOARING FUEL COSTS, TARIFF REFUNDS

Gas prices rise in Philadelphia, Pennsylvania, on April 30, 2026, as the United States and Iran have not yet reached a deal. (Nathan Morris/NurPhoto via Getty Images / Getty Images)

“Right now there are 41 tankers with 69 million barrels of oil that the Iranian regime can’t sell. That’s an estimated $6 billion-plus from which Iran’s leadership cannot financially benefit. The blockade is highly effective and U.S. forces remain fully committed to total enforcement,” U.S. Central Command Commander Adm. Brad Cooper declared in a statement issued on Wednesday.

“Minnesotans are paying the price for this administration’s war with Iran as gas prices rise and squeeze families, small businesses, and farmers across our state,” U.S. Sen. Amy Klobuchar, D-Minn., who is running for governor, declared in a Thursday post on X.

Democratic Sen. Mark Kelly of Arizona declared in a Thursday post on X, “The Trump Administration’s war in Iran is driving up gas prices and sending summer travel costs through the roof. I’m focused on lowering costs and putting money back in Americans’ pockets so that taking your family on a road trip doesn’t break the bank.”

US ECONOMIC GROWTH BOUNCES BACK, AS AI BUILDOUT AND CONSUMER SPENDING FUEL FIRST QUARTER

Sen. Mark Kelly, D-Ariz., left, and Sen. Amy Klobuchar, D-Minn., during a news conference ahead of the State of the Union address at the U.S. Capitol in Washington, D.C., on Tuesday, Feb. 24, 2026. (Daniel Heuer/Bloomberg via Getty Images / Getty Images)

CLICK HERE TO GET FOX BUSINESS ON THE GO

“Gas prices just hit a wartime high, inflation is up, & Americans are feeling the pinch of higher prices. But Senate Republicans for the SIXTH time blocked a resolution requiring Congress to approve further military action against Iran. Their silence is an endorsement of the President’s questionable strategy,” Sen. Dick Durbin, D-Ill., declared in a Thursday post on X.

The “Senate Republicans” X account fired back at Durbin’s comments, declaring, “Under Biden and Democrats, gas prices were above $5 per gallon and inflation was over 9% — much higher than today. Senator Durbin didn’t care about inflation then, and he doesn’t now. He’s just looking for any excuse to side with the terrorist Iranian regime over our military.”

NEW YORK — World oil prices climbed sharply on Friday as the ongoing blockade of the Strait of Hormuz continued to threaten global supply, with Brent crude hovering near $111 per barrel and West Texas Intermediate trading around $105 amid heightened geopolitical tensions.

The benchmark prices reflect persistent worries over disrupted shipments through the critical waterway, which normally carries about one-fifth of global oil. The latest surge comes as diplomatic efforts to reopen the strait have stalled, pushing energy markets to four-year highs and raising concerns about inflation, economic growth and energy security worldwide.

As of early May 1, 2026, Brent crude futures for June delivery rose to approximately $111 per barrel, up more than 1% in early trading. WTI crude for May settlement traded near $105, reflecting similar upward pressure. Both benchmarks have gained over 80% year-to-date, driven largely by Middle East supply risks that have overshadowed demand concerns.

The crisis stems from the broader 2026 Iran conflict. Iranian forces effectively closed the strait in late February following U.S. and Israeli strikes, with limited commercial traffic resuming only under strict conditions. U.S. naval actions, including a blockade on Iranian ports, have further complicated shipping. Only a handful of vessels from select nations have passed recently, far below normal volumes.

Analysts at S&P Global and others warn that prolonged disruption could keep prices elevated throughout the year. While U.S. production and strategic reserves provide some buffer for American consumers, Asia and Europe face steeper challenges as alternative routes increase costs and insurance premiums skyrocket for tankers near the region.

OPEC+ has responded with modest production increases, but members’ spare capacity is limited and internal dynamics complicate coordinated action. The UAE’s recent exit from the group adds another layer of uncertainty to supply forecasts. U.S. shale producers have ramped up output, but logistical constraints and investor caution limit rapid scaling.

The price spike is already rippling through economies. Gasoline prices in the United States have climbed toward $4 per gallon in many areas, while European energy costs surge amid reliance on imported LNG and refined products. Developing nations in Asia, heavily dependent on Middle East crude, face the greatest strain, with some governments considering subsidies or strategic releases to ease consumer pain.

Energy experts note the Strait of Hormuz’s unique vulnerability. The narrow passage between Iran and Oman is difficult to secure fully, and even threats of attacks or mines deter shipping companies. Recent incidents involving seized vessels and reported strikes have heightened risk premiums, with insurers demanding significantly higher rates or refusing coverage altogether.

U.S. officials, including President Donald Trump, have pushed for a maritime coalition to guarantee safe passage, but allied support has been mixed. Diplomatic talks mediated by Pakistan continue, yet mutual distrust between Washington and Tehran has slowed progress. Iran has demanded the end of the U.S. blockade before fully reopening the strait, while the administration insists on verifiable security guarantees.

Market participants are watching several upcoming catalysts. The next OPEC+ meeting, weekly U.S. inventory reports and any breakthroughs in Iran negotiations could swing prices dramatically. Technical analysts point to resistance levels near $115 for Brent, with potential for further upside if disruptions worsen.

Longer-term forecasts vary. Some banks project Brent averaging around $100-$110 for the year if the strait reopens gradually, while others warn of sustained premiums if tensions persist. Demand destruction from high prices could eventually cap gains, but current supply fears dominate trading.

For consumers and businesses, the volatility creates planning challenges. Airlines have raised fares, manufacturers face higher input costs and households brace for increased heating and transportation expenses. Governments are exploring diversification strategies, including accelerated renewable energy investments and strategic partnerships with alternative suppliers.

The crisis also highlights the geopolitics of energy. The Strait of Hormuz has long been a flashpoint, but the current conflict has brought its importance into sharper focus. Nations dependent on Gulf oil are reassessing vulnerabilities, while producers weigh the balance between revenue and security risks.

As trading continues, oil prices reflect both immediate supply threats and broader uncertainty. Whether the latest spike proves temporary or the start of a new era of elevated energy costs depends on diplomatic outcomes in the coming weeks. For now, the world watches the narrow strait with heightened anxiety, knowing that events there can reshape economies far beyond the Persian Gulf.

WASHINGTON — President Donald Trump on Friday lauded retired Navy Commander Kirk Lippold for his “smart and insightful” comments on Iran during a Fox News interview with Jesse Watters, continuing his administration’s hardline stance on the ongoing Middle East crisis that has disrupted global oil flows through the Strait of Hormuz.

In a Truth Social post, Trump wrote: “Great job by highly respected Navy Commander Kirk Lippold in interview with Jesse Watters on FoxNews. Very smart and insightful concerning Iran, and more. Thank you, Commander!” The message, posted as tensions remain high over the waterway’s closure, underscores the president’s reliance on military voices to shape public messaging amid diplomatic and military challenges.

Lippold, a former commander of the USS Cole who survived the 2000 terrorist attack in Yemen, has emerged as a frequent commentator on Iran policy. His appearance on Watters’ show focused on strategic options for dealing with Tehran, including naval presence in the region and pressure on Iranian leadership to reopen the critical oil chokepoint. The interview aired as crude prices hovered above $110 per barrel for Brent, reflecting supply fears from the Hormuz disruptions.

Trump’s endorsement of Lippold aligns with his broader approach to foreign policy, emphasizing strength, experienced military perspectives and skepticism of prolonged negotiations without clear results. The president has repeatedly used his Truth Social platform to amplify allies and pressure adversaries, often bypassing traditional media channels.

The Hormuz crisis, now in its second month, has dominated Trump’s recent communications. He has alternated between threats of escalated action and calls for Iran to “open the f—in’ strait,” as seen in earlier profane posts. The blockade has slashed oil exports, driven up global energy costs and complicated efforts to stabilize the region following U.S. and Israeli strikes earlier this year.

White House officials say the administration is pursuing a dual track of military readiness and diplomacy. U.S. naval forces remain deployed to deter further Iranian aggression, while backchannel talks mediated by third parties continue. Trump has credited his “maximum pressure” campaign with forcing Iran to the table, though critics argue the approach has escalated risks to global shipping and energy markets.

Lippold’s background gives his commentary particular weight. As commander of the USS Cole during the al-Qaida suicide bombing that killed 17 sailors, he has firsthand experience with asymmetric threats in the region. In the Watters interview, he reportedly discussed lessons from past confrontations with Iran and advocated for robust deterrence to protect freedom of navigation.

Trump’s post quickly circulated on other platforms, drawing praise from supporters who view Lippold as a voice of experience. Conservative commentators highlighted the contrast with what they called “weak” responses from previous administrations. Democrats and some foreign policy analysts cautioned that bellicose rhetoric could complicate de-escalation efforts.

The president’s social media activity remains a central element of his communication strategy in the second term. With fewer restrictions than during his first presidency, Trump posts frequently on Truth Social, often late at night or early morning. The platform serves as both a megaphone for policy announcements and a tool for real-time reaction to news events.

Energy markets reacted to the continued uncertainty. Brent crude traded near $111 per barrel Friday morning, while WTI hovered around $105. Analysts say any breakthrough on Hormuz could ease prices quickly, but prolonged closure risks broader economic fallout, including higher inflation and slowed global growth.

The administration has pointed to domestic production gains and strategic reserve releases as buffers for American consumers. However, allies in Europe and Asia have urged faster resolution, citing their greater dependence on Gulf oil. OPEC+ members have adjusted output modestly, but spare capacity limits their ability to fully offset disruptions.

Lippold’s interview and Trump’s endorsement come as Congress debates supplemental funding for military operations in the region. Bipartisan support exists for protecting shipping lanes, though divisions remain over long-term strategy toward Iran. Some lawmakers call for sustained pressure, while others push for renewed diplomatic engagement.

Foreign policy experts note the complexity of the current moment. Iran’s economy has suffered under sanctions and isolation, yet hardliners in Tehran have shown resilience. The U.S. faces the challenge of balancing deterrence with avoiding a wider conflict that could draw in other powers. Trump’s public praise for military figures like Lippold reinforces his image as a president who listens to warriors.

As the situation evolves, Trump’s Truth Social activity will likely remain a key indicator of administration thinking. His latest post praising Lippold signals continued focus on strength and experienced counsel in dealing with Iran. Whether this approach yields a quick reopening of the strait or leads to further escalation remains the central question for markets, allies and global energy security.

For now, the president continues leveraging his platform to shape the narrative, highlight military voices and project resolve. The world watches closely as diplomatic and military tracks proceed in parallel, with oil prices serving as a daily barometer of success or failure.

Manus, an AI startup once celebrated as a success, is now becoming a cautionary example for Chinese entrepreneurs following regulatory actions by Beijing. The company’s decline highlights the increased scrutiny and challenges faced by tech firms in China, emphasizing the importance of regulatory compliance and resilience in a changing environment.

Manus Islands has become a cautionary tale as China recently blocked Meta’s proposed acquisition, highlighting the complex geopolitics surrounding technology deals. The move signals increasing governmental scrutiny over foreign investments, especially in sensitive regions. Meta’s attempt to expand its influence in the Asia-Pacific was met with resistance from Chinese authorities, reflecting broader concerns about data security and national interests.

This decision underscores the growing influence of China’s regulatory framework, which often emphasizes security and sovereignty over technological expansion. The blockage serves as a warning to global tech giants about the hurdles and uncertainties faced when operating in China. It also illustrates the rising geopolitical tensions that can hinder international business ambitions, especially in strategic sectors like technology.

Ultimately, the Manus case reminds companies to navigate carefully within China’s regulatory landscape. It emphasizes the importance of understanding local policies and maintaining flexibility in global expansion strategies. As China’s grip on tech investments tightens, foreign firms must adapt or face significant setbacks.

source

Other People are Reading

In the past 24 hours, Bitcoin and Ethereum were up 1.84% and 1.63%, respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Hyperliquid, and Cardano rallied up to 2.77%. The global crypto market capitalisation went up 1.35% to $2.57 trillion, according to CoinMarketCap.

Also Read | Best mutual fund SIP portfolios to invest in May 2026

WazirX Markets Desk said Bitcoin was trading around $76,600, signalling a mild bullish trend as moving averages indicate buying strength, while neutral oscillators suggest steady momentum and stable market conditions.

Ethereum, currently trading near $2,250, shows neutral momentum as both oscillators and moving averages remain balanced, indicating consolidation with no strong directional bias in the short term, WazirX Markets Desk further said.

Live Events

Ethereum corrected 1.18% in the past week, whereas Bitcoin was down 0.80%. Among the major altcoins, XRP, BNB, Solana, Tron, and Hyperliquid fell up to 3.72%, whereas Dogecoin and Cardano were up 12.25% and 0.50%, respectively.
Piyush Walke, Derivatives Research Analyst, Delta Exchange, said after a strong recovery, Bitcoin has hit a key long-term resistance zone, where momentum is starting to fade, and the price action has shifted to consolidation with early signs of weakness, making the next support test crucial.
Walke also mentioned that Bitcoin faces profit-taking pressure near $80,000 and looming U.S. inflation data as high oil prices and rising bond yields weigh on risk assets. Bitcoin remained subdued yesterday, with only minor moves in either direction.
Also Read | Low-cost index funds & ETFs should form backbone of your portfolio: Vishal Jain, CEO, Zerodha Mutual Fund

Momentum has faded in the crypto markets, and recent ETF outflows over the past three days could be adding to the sluggish price action, Walke further said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in along with your age, risk profile, and Twitter handle.

Q1: 2026-04-30 Earnings Summary

EPS of -$0.28 beats by $0.04

 | Revenue of $135.60M (-14.88% Y/Y) beats by $1.50M

This article was written by

Follow