Investor Ross Gerber criticized President Donald Trump on Tuesday over the Iran war, arguing that rising oil prices and borrowing costs could deepen political pressure on the administration as the conflict drags on.
Trump Has ‘No Support,’ Ross Gerber Says
In a post on X, Gerber delivered criticism of Trump, saying that a “guy with bone spurs” had “no business starting a war,” referring to Trump receiving a medical exemption from the military draft during the Vietnam War after being diagnosed with bone spurs, a condition that results in the outgrowth of bones on joint edges.
“Oil prices and rates continue to rise and iran knows trump has no support for his war going into an election,” Gerber said. He added that the stock market did not “want any part of trumps war,” and predicted that there was no way that the administration could strike “a ‘deal’ to ‘win’ the war during his presidency.”
Oil and Gas Prices Surge
Oil prices have showcased volatility during the past few weeks. At the time of writing this article, the West Texas Intermediate (WTI) crude surged 0.85% to $85.66/bbl, while Brent crude grew 0.83% to $91.71/bbl. Oil ETF United States Oil Fund (NYSE:USO) grew 1.11% to $132.13 during pre-market trading on Wednesday.
Gas prices remained above $4/gallon, with the national average price of gas surging to $4.0860/gallon on Wednesday, according to the American Automobile Association (AAA) data. Prices remained above $5/gallon on average in states like California, Washington and Hawaii.
Iran Pushes Back Against Trump’s Strait of Hormuz Claim
Iran’s Secretary of the Supreme National Security Council, Mohsen Rezaee, mocked Trump for staking a claim over the Strait of Hormuz, citing the thousands of miles that separate the waterway responsible for a fifth of the global oil supply from Washington DC.
Trump’s Energy Secretary Chris Wright, on the other hand, reaffirmed that oil was moving through the waterway with the help of the U.S. military escorting ships through the area, saying that it had helped move 30 vessels.
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