The ongoing Iran war is casting a shadow over U.S. President Donald Trump’s upcoming summit with Chinese President Xi Jinping, as rising energy prices and economic uncertainty continue to pressure the U.S. economy.
According to the report, the closure of the Strait of Hormuz has sharply disrupted global oil supplies, driving gasoline prices higher across the United States. Brent crude oil has climbed significantly since the conflict began, while analysts warned prolonged disruption could deepen inflation and damage consumer confidence.
Analysis: Iran war hangs over Trump's China trip — and his presidency https://t.co/kXor3rgf1A
— CNBC (@CNBC) May 12, 2026
The report said Trump’s approval ratings have weakened despite strong stock market performance, with concerns growing over affordability, borrowing costs, and the political risks facing Republicans ahead of the 2026 midterm elections.
Energy executives and analysts warned that even if shipping routes reopen soon, global markets could take months or years to stabilize fully. Trump is expected to raise the Iran crisis during talks in Beijing as Washington seeks Chinese cooperation in easing regional tensions and restoring oil flows.
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