Iran’s renewed attacks are threatening President Donald Trump’s last-ditch effort to deliver lower prices before the midterms, as renewed attacks disrupt oil shipments and add to voter frustrations, according to CNN.
In an analysis published Wednesday, CNN’s David Goldman said Trump’s push to produce some encouraging news on prices “has run face-first into a brick wall this week.”
“It appears Iran is attempting to keep oil prices high ahead of the midterm elections, and the best way to do this has been to increase attacks – both from themselves and via the Houthis,” Matt Smith, an analyst at maritime tracking firm Kpler, told the network.
Goldman placed the timing bluntly in his Wednesday analysis.
“Iran knows all this. It knows the political pressure Trump and his Republican party are facing. And it knows what month it is,” Goldman told readers.
Trump has turned to Navy-protected oil shipments and a controversial Russian diesel deal to ease the pain in consumers’ wallets. But Goldman said renewed attacks by Iran and its allies are undermining both efforts.
At least 18 vessels in and around the Middle East have been attacked over two weeks, according to Kpler. Shipments through the Strait of Hormuz, which had nearly recovered, fell to 54% of prewar levels over the past seven days, CNN reported.
Energy investment executive Dan Pickering suggested the administration’s boasting invited retaliation.
“As the US trumpets the success of getting more crude out to global markets, it feels somewhat like sporting a big ‘kick me’ sign,” he said. “Iran is attacking almost everyone. Meanwhile, Iran’s proxy, the Houthis, are attacking Saudi Arabia with substantial results.”
Meanwhile, September’s higher-than-expected inflation delivered what Goldman called “the worst news on inflation ahead of the midterms.”
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