Politics April 28, 2026 02:27 PM

Trump Approval Hits Term Low as Cost of Living Concerns Rise Amid Iran Conflict

Reuters/Ipsos poll shows 34% approval; gasoline and oil prices climb after U.S. and Israeli strikes on Iran

By Leila Farooq
Trump Approval Hits Term Low as Cost of Living Concerns Rise Amid Iran Conflict

A Reuters/Ipsos poll completed on Monday finds President Donald Trump's approval rating at 34%, the lowest of his current term. The survey shows weakening public confidence on the cost of living as gasoline prices jump following U.S. and Israeli military operations against Iran and shipping disruptions in the Strait of Hormuz.

Key Points

  • President Trump's approval rating fell to 34% in a Reuters/Ipsos poll completed on Monday, down from 36% in the previous survey.
  • Public approval of the administration's handling of the cost of living dropped to 22% from 25%, coinciding with rising gasoline prices.
  • Energy markets tightened after U.S. and Israeli military operations against Iran on February 28, with shipping through the Strait of Hormuz restricted and oil benchmarks rising sharply.

A Reuters/Ipsos four-day poll finished on Monday puts President Donald Trumps approval rating at 34%, a decline from the 36% recorded in the previous survey taken from April 15 to 20. The latest reading marks the lowest approval level of his current term, which began in January 2025 when 47% of Americans approved of his performance.

The poll indicates a further deterioration in public sentiment over pocketbook issues. Just 22% of respondents said they approved of Trump's handling of the cost of living, down from 25% in the prior poll. The drop in that metric comes amid a noticeable rise in energy prices linked to military action in the Middle East.

Survey respondents were largely polled before an incident on Saturday night in which a gunman was stopped outside a venue where the president was dining at the White House Correspondents' Association dinner. Federal prosecutors have charged the suspect with attempting to assassinate the president.

Energy costs have surged since the United States and Israel launched military operations against Iran on February 28. Those operations, according to the reporting behind the poll, contributed to restrictions on shipping through the Strait of Hormuz, the strategic waterway that carries about one-fifth of the world's oil and gas supply.

American Automobile Association data cited in the polls reporting shows the average U.S. gasoline price climbed to its highest level in nearly four years on Tuesday. The AAA data noted a 7-cent increase to $4.18 per gallon on that day, which was the largest single-day rise in more than a month. Since late February, gasoline prices have risen by $1.19 per gallon, an increase of more than 40%.

Oil markets have reflected those supply concerns. Last week, Brent crude futures rose roughly 16% while U.S. West Texas Intermediate gained nearly 13% as efforts to end the conflict with Iran stalled. The reporting adds that oil prices had earlier retreated this month on hopes the Strait of Hormuz would reopen, but those expectations were reversed as the situation remained unresolved.


While the poll documents shifts in approval and consumer sentiment, it does not provide causal claims beyond the timing of energy price movements and the Iran-related operations. The results capture public reaction during a period of heightened geopolitical tensions and elevated fuel costs, both factors that are reflected in household pocketbooks and energy markets.

As the administration faces lower approval numbers and diminished ratings on cost-of-living handling, market indicators such as gasoline and crude prices have moved in tandem with developments in the Middle East, according to the data referenced in the polls coverage.

Risks

  • Rising gasoline and crude prices risk weighing on consumer spending and sectors sensitive to fuel costs, such as transportation and consumer discretionary.
  • Continued restrictions on shipping through the Strait of Hormuz create supply risks for global oil and gas markets, contributing to price volatility in energy sectors.
  • Political instability and security incidents, including the charged attempted assassination, pose uncertainties for domestic political stability and could influence market sentiment.

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