At a White House Small Business Week event, President Trump painted an upbeat picture of the economy, claiming taxes and regulations had spurred record growth. He warned that gas prices would soon fall, framing the rally as proof of his America First agenda. The audience heard a stark contrast to the rising cost of living.

Meanwhile, the war in Iran has pushed Brent crude to about $114 a barrel, stoking uncertainty in the Strait of Hormuz. Energy prices have surged, with the average gallon of gasoline topping $4.45 nationwide, a jump of more than a dollar from last year. Small‑business owners face higher transportation costs and increasing operational expenditure significantly.

Trump also defended his federal workforce cuts, claiming displaced workers earn two to three times more in jobs. He dismissed rising energy costs as temporary, citing the projected decline he expects soon. Critics argue the narrative ignores the real burden on consumers, who are paying higher fuel and diesel prices that ripple the supply chain.

With midterm elections looming, Trump’s attempt to spin economic gains clashes with the stark reality of soaring fuel costs and inflationary pressures. Investors watch closely as the administration’s policies continue to reshape the small‑business landscape, while the war in Iran threatens to keep crude prices elevated, tightening the fiscal environment for American consumers and households.