Trump speech unleashes more pain on US consumers with $5 gasoline, record diesel in sight

President Trump's vow of more aggressive strikes on Iran has raised the risk of oil-supply disruption and is pushing U.S. pump prices toward record highs just ahead of the peak summer travel season. Higher gasoline costs are likely to damp consumer discretionary spending, add upward pressure to inflation, and increase volatility in energy, travel and transportation sector equities.

Analysis

President Trump's vow of more aggressive strikes on Iran has raised the risk of oil-supply disruption and is pushing U.S. pump prices toward record highs just ahead of the peak summer travel season. Higher gasoline costs are likely to damp consumer discretionary spending, add upward pressure to inflation, and increase volatility in energy, travel and transportation sector equities.