Democrats Seize on Oil Price Surge, as Trump Downplays It

The global oil benchmark topped $100 a barrel late Sunday, the first time in nearly four years.

“Advertisement Supported by The global oil benchmark topped $100 a barrel late Sunday, putting Republicans on the defensive on an issue at the center of this year’s midterm elections”

New York Times

Democrats seized on the surge as an immediate consequence of the war in Iran and warned it would inflame an affordability crisis.

New York Times

The article says the jump put Republicans on the defensive on an issue at the center of this year’s midterm elections, even as Republicans sought to downplay the data.

Representative Tom Suozzi, Democrat of New York, told the paper, "We’ve been saying for months that affordability is the No. 1 issue."

The article says Mr. Suozzi was among a few Democrats from swing districts who expressed cautious approval for the initial strikes in Iran last weekend.

New York Times

He said it was now apparent the administration had not fully planned for the economic costs, adding, "While there’s a sugar high — you feel good, hey, we’ll get the bad guys — it’s not really very well thought out."

The article also notes that other recent economic data, including a weak jobs report, have contributed to pressure on Republicans.

The article reports that President Trump, who it says is often quick to react to market swings, sought to minimize the jump on social media.

“Advertisement Supported by The global oil benchmark topped $100 a barrel late Sunday, putting Republicans on the defensive on an issue at the center of this year’s midterm elections”

New York Times

He wrote that prices would "drop rapidly when the destruction of the Iran nuclear threat is over," and that "ONLY FOOLS" would not see the surging oil costs as a small price to pay for global security.

The piece frames the price spike as occurring amid what it describes as "the war, which the U.S. is waging with Israel against Iran."