West Texas Intermediate (WTI) crude rose 0.85% to $85.66/bbl on Wednesday, while Brent crude gained 0.83% to $91.71/bbl. The price movement coincided with public criticism from investor Ross Gerber, who argued that escalating energy costs and borrowing rates are intensifying political pressure on the Trump administration regarding the ongoing conflict with Iran.

Political Criticism Amid Rising Costs

Gerber posted on X on Tuesday, stating that "oil prices and rates continue to rise" and asserting that Iran recognizes Trump has "no support" for the war leading into the election. He characterized the market reaction negatively, claiming stocks did not "want any part of trumps war." Gerber further predicted that the administration could not secure a deal to win the war during Trump's presidency.

The investor also referenced Trump's medical exemption from the Vietnam War draft due to bone spurs, stating that a "guy with bone spurs" had "no business starting a war."

Energy Market Data

Volatility in oil markets persisted into the pre-market session on Wednesday. The United States Oil Fund (NYSE: USO) rose 1.11% to $132.13. Retail fuel costs remained elevated, with the national average gasoline price surging to $4.0860/gallon, according to American Automobile Association data. Prices in California, Washington, and Hawaii averaged above $5/gallon.

Geopolitical Tensions

Tensions over the Strait of Hormuz, which handles roughly one-fifth of global oil supply, remained high. Iran’s Secretary of the Supreme National Security Council, Mohsen Rezaee, mocked Trump’s claim of control over the waterway, citing the geographic distance from Washington DC.

Conversely, US Energy Secretary Chris Wright reaffirmed that oil flows were moving through the strait with US military escorting ships. Wright stated that this coordination helped move 30 vessels and claimed flows had surpassed pre-war levels.

Iranian Parliament Speaker Mohammad Bagher Qalibaf dismissed the Trump administration’s escalating military and economic pressure on Tehran, arguing that efforts to force Iran back to negotiations have failed. In a post on X on Tuesday, Qalibaf targeted Treasury Secretary Scott Bessent and Defense Secretary Pete Hegseth directly.

Qalibaf stated that Americans believe squeezing Iran harder will win concessions that were never part of any agreement. He added, "Bessent and Hegseth are way out of their league. Stop waiting for the clown crew to pull a rabbit out of their hat and clean up the mess you made."

Hegseth Defends Military Campaign

Defense Secretary Pete Hegseth defended the US military campaign on Monday, asserting it was necessary to prevent Iran from obtaining a nuclear weapon. Speaking at an Iowa State Fair event, Hegseth said there is a cost to defending the country and ensuring "radical Islamist crazies don’t get a nuclear weapon."

He added, "I’m not willing to look my kids in the eye and say, ‘We had a chance to do something about it, but we didn’t.’"

Separately, Bessent indicated last week that Washington could impose sanctions on Iran that have "never been seen."

Ceasefire Tensions Rise

Tensions intensified after a vessel was reportedly struck by an unknown projectile in the Strait of Hormuz, causing a crew casualty. Iranian officials rejected President Donald Trump’s claim of control over the waterway.

Mohsen Rezaee mocked Washington’s distance from the strait and called for a "post-American order in the Persian Gulf." Iranian Foreign Minister Seyed Abbas Araghchi accused Israel of blocking a ceasefire agreement and stated that Trump’s effort to force Iran into "unconditional surrender" had failed.

Trump refused to extend a 60-day US-Iran memorandum that expired on Monday. This decision raised fresh concerns over renewed conflict and disruptions in the Strait of Hormuz.

Strait Remains Blocked

The Persian Gulf Strait Authority rejected Trump’s claims earlier this month that the US controlled the Strait of Hormuz through a naval "wall of steel." The authority stated the waterway remained blocked and would not reopen until Iran’s conditions were accepted.