Economic confidence plummets in US amid Iran war, poll shows

As petrol prices rise, new survey suggests economic confidence in the US is at -45, the worst since 2022.Only 16 percent of Americans view the economy in the United States as “good” or “excellent”, a new Gallup poll suggests, as inflation continues to rise amid the Iran" class="entity-link entity-event" data-entity-id="121993" data-entity-type="event">war on Iran.The survey, released on Friday, deepens US President Donald Trump’s political woes ahead of the midterm elections in November, which will determine whether his Republican Party can retain control of Congress.Recommended Stories list of 3 itemslist 1 of 3Can Venezuelan oil save India amid the Hormuz energy crisis?list 2 of 3Iran’s enriched uranium stockpile: Can it be safely transferred?list 3 of 3Israeli attacks kill several in Lebanon, with health workers targetedend of listThe survey, dubbed Gallup’s economic confidence Index, showed confidence in the economy has dropped to -45.Forty-nine percent of respondents said economic conditions are poor and 34 percent rated them as fair. At the same time, 76 percent said they think the economy getting worse, while 20 percent said it is getting better.The index averages the results on economic conditions, currently at -33 and economic outlook, currently at -56.It was the worst set of findings on the economy that the index recorded since 2022 when the cost of living rose after the COVID-19 pandemic and Russia’s invasion of Ukraine.Petrol costs in the US have skyrocketed since the start of the conflict with Iran late in February. The average price of one gallon (3.8 litres) of gasoline has risen to $4.55 from less than $3 before the US and Israel launched the war.According to official government reports, consumer prices overall rose in March and April due to the energy crisis.Iran has responded to the US and Israeli strikes – which killed several top officials, including Supreme Leader Ali Khamenei, as well as hundreds of civilians – by closing the strategic Strait of Hormuz, sending oil and gas prices soaring.