War With Iran:

Peace Talks Stalled

Obstacles to a Deal

Billion-Barrel Oil Shock

Food Supply Chains

Iran’s ‘Mosquito Fleet’

Trump’s Promise of Lower Oil Prices Clashes With Industry Fears

A driver refuels a tractor trailer with diesel fuel at a truck stop in Tracy, California. — A driver refuels a tractor trailer with diesel fuel at a truck stop in Tracy, California.Photographer: David Paul Morris/Bloomberg

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By Jennifer A Dlouhy and Kevin Crowley

April 23, 2026 at 4:31 PM UTC

President Donald Trump and his officials tell Americans almost daily that the spike in fuel costs is a temporary blip that will reverse just as soon as he reaches a deal to end the war in Iran.

The oil industry begs to differ.