Analyst Says Trump Has No Power Over Market, Blasts Soaring Diesel and Gasoline Prices

Obsidian Risk Advisors managing principal Brett Erickson said President Donald Trump may have lost the ability to influence the oil market as tensions with Iran escalate.

Gasoline Prices Hit Labor Day Record Highs

In a post on social media platform X on Monday, Erickson pointed to surging oil costs amid the Iran war. "Oil prices are now approaching nearly $100 a barrel again," he said. Erickson added that Trump "no longer has the power to talk the market down," and noted "Iran clearly wants him out before the midterms," with the war "not ending anytime soon."

Erickson then detailed fuel costs climbing throughout the conflict, saying the war "escalates every single day." "Diesel prices are hitting record highs. Gasoline prices are hitting record Labor Day highs," he said. "Oil has a long way to go, and it's going to settle well above $100," the analyst added.

Oil prices are now approaching nearly $100 a barrel again.

Trump no longer has the power to talk the market down, because Iran clearly wants him out before the midterms, so the war won't end.

The war escalates every single day.

Diesel prices are hitting record highs.

— Brett Erickson, September 7, 2026

Elizabeth Warren Slams Labor Day Gas Prices

Senator Elizabeth Warren also criticized the Trump administration in a post on X on Monday, pointing to record-high Labor Day gasoline prices. "Americans traveling this weekend are facing the highest Labor Day gas prices on record, and it's Donald Trump's war with Iran that's to blame," the Massachusetts senator said in the post.

Americans traveling this weekend are facing the highest Labor Day gas prices on record, and it's Donald Trump's war with Iran that's to blame.

— Elizabeth Warren, September 7, 2026

According to the American Automobile Association, the national average gas price on Monday was $4.1505 per gallon. The auto club said prices had never exceeded $4 per gallon on Labor Day, with the previous record set at $3.82 per gallon in 2012.

Typically, prices ease at this time of year as producers switch to winter-blend gasoline. However, despite the Trump administration approving the winter blend earlier than usual, everyday Americans are still facing elevated prices at the pump.

Trump Says Oil Prices Will Fall

Amid the escalating tensions, Trump reiterated that oil prices would drop once the U.S. wins the war against Iran. "When we win the war with Iran, oil prices will crash, just like everything else will crash," he said, touting that gasoline would fall to $2 a gallon after the conflict.

Notably, Trump was reported to have told Pentagon officials that he seeks to declare an end to the war with Iran. Meanwhile, as of this writing, West Texas Intermediate crude futures for October delivery were trading at $92.95 a barrel, while Brent crude futures for November delivery were up 0.52% at $97.58 a barrel.