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“Trump has always blamed Ukraine for being invaded, and now seeks to shift responsibility for the increase in oil prices from the US’ war of choice on Iran to Ukraine’s attacks on Russian refineries.”

“In the past, oil shocks of the magnitude witnessed since the start of Iran war have had a marked and immediate impact, but there are three key reasons why growth has remained robust and inflationary pressure has been muted this time.”

“Facing a difficult political environment in the 2026 midterm elections, some congressional Republicans have become more willing to criticize a few of Trump's policies, such as the badly mismanaged Iran War.”