Brent crude spiked nearly 4% to $78.67 and traded above $79 after the US launched a fourth round of strikes on Iran and Tehran retaliated across Gulf states, threatening the Strait of Hormuz which carries about 20% of global oil supply and ending a fragile June 17 ceasefire called off on July 8. President Trump’s Truth Social claim of a 59% approval and falling gas prices is contradicted by independent polls showing 37–40% approval and AAA data showing a $3.87 national gas average (about +30% since February), creating downside risk for markets and potential knock-on effects on crypto markets, adoption and market security.

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In Brief

Trump touted a 59% approval rating and falling gas prices on Truth Social.
Brent crude rose 3.5% to $78.67 and later traded near $79.05.
Independent polls put Trump's approval near 37-40%, not 59%.

President Donald Trump claimed a 59% approval rating and credited himself with falling gas and oil prices in a Truth Social post. Fresh US strikes on Iran sent crude climbing that same day.

That 59% approval figure is actually what a number of independent sites are labeling as his disapproval rating. His approval sits closer to 37% – 40%.

Oil Climbs as Trump Claims the Opposite

Brent crude spiked nearly 4% to $78.67 a barrel by Sunday evening before extending extending those gains with fresh strikes in Iran, trading over $79.

Oil is again rising as the US launches fresh strikes on Iran. Image Source: Trading Economics

The US launched a fourth round of strikes on Iran in a week. Iran hit back at US military sites in Jordan, Kuwait, Bahrain, and Oman. Tehran also declared the Strait of Hormuz closed. US Central Command rejected that claim and said vessels could transit freely.

Trump posted on Truth Social:

“59% Approval Rating. Prices coming down along with the lowering of oil and gas. Thank you! President DJT”

Amid the renewed strikes on Iran and spiking oil prices, Trump posted he was responsible for lowering oil prices. Image Source: Truth Social

He posted this hours after the strikes pushed oil higher, not lower. Hormuz carries about 20% of global oil supply. Traffic through the strait had only recently picked up under a fragile June 17 ceasefire deal between Washington and Tehran. That deal was called off on July 8, again sending oil prices rising.

The Numbers Don’t Match the Post

Independent polling tells a different story. Averages from The Economist and FiftyPlusOne put Trump’s approval near 37-40%. Disapproval sits near 59%, almost the inverse of the number in his post.

Trump claims an approval rating of 59%, but independent ratings agencies put that figure as his disapproval rating. Image Source: Fiftyplusone

Gas prices haven’t fallen the way he described either. AAA data shows the national average gas price sits near $3.87 a gallon. That’s up roughly 30% since the war began in February, though it’s down from a $4.56 peak on Memorial Day.

Analysts credit that earlier drop to de-escalation messaging, not a lasting trend. Strikes are resuming, and Iran and the US are contesting Hormuz again.

That makes the “lowering” Trump described look short-lived, and it raises the question of how markets will react if the conflict keeps escalating through the week.

Read the article at BeInCrypto