US President Donald Trump's approval rating has fallen to a record low of his second term amid the war with Iran and soaring fuel prices, while global oil prices reached a four-year high, the Financial Times reported, citing polling data and stock market data.

According to the latest Reuters/Ipsos poll, conducted in late April, only 34% of Americans approve of Trump's performance as president. This is the lowest rating of his current presidential term, which began in January 2025 with 47% approval. Voters' attitudes toward economic policy are particularly troubling for the White House: only 22% of respondents rate the president's performance positively on cost-of-living controls.

The key reason for the drop in his approval rating is said to be the sharp rise in fuel prices triggered by the military conflict with Iran. Since late February, when the US and Israel launched their first strikes on Iranian infrastructure, gasoline prices in America have risen by more than 40%, reaching an average of $4,18 per gallon. This has sparked discontent even within the president's own party: 41% of Republicans disapprove of his cost of living policies.

Alongside Trump's plummeting approval ratings, global oil markets are experiencing a shock. Brent crude prices exceeded $120 per barrel during trading on May 1, hitting a four-year high. According to agencies, the price rose to $126 per barrel amid concerns that the conflict in the Middle East could lead to protracted supply disruptions. Since the beginning of the year, the price of black gold has risen by more than 80%.

Analysts attribute the volatility in commodity markets to Trump's statements about a possible months-long naval blockade of Iranian ports, as well as reports of preparations for new military strikes against Iranian infrastructure. Although prices corrected somewhat by the end of the trading session (Brent closed at $114,01), they remain at levels that are putting significant pressure on American consumers.

Economic dissatisfaction and rising costs of living are becoming key factors shaping the political landscape ahead of the midterm congressional elections, which take place in less than six months. An Emerson College poll shows a 10-percentage-point lead for Democrats in a hypothetical national vote for control of Congress. Observers note that Trump's approval rating has dropped to George W. Bush-era levels following Hurricane Katrina, reflecting voter fatigue.