Fox Business host Stuart Varney warned Thursday that the conflict with Iran is rapidly evolving into a struggle over global energy supply, and by that measure the situation is becoming increasingly difficult for the United States and its allies.
Speaking on Varney & Co., the veteran broadcaster argued that rising gasoline prices tied to the conflict are giving Democrats a potent political issue ahead of the upcoming midterm elections. According to Varney, the surge in fuel costs provides “a lot of ammunition” to critics of the administration’s handling of the crisis.
Varney said Democrats appear ready to capitalize on the issue, portraying the war and its economic consequences as something voters should question. With gas prices climbing nationwide, he suggested the political stakes are becoming as significant as the military ones.
The heart of the problem, Varney explained, lies in the Strait of Hormuz, a narrow but critically important waterway through which a massive share of the world’s oil supply moves. Iranian drone and missile attacks targeting cargo ships in the region have rattled tanker operators and complicated an already tense energy market.
According to data from AAA, the national average price of gasoline has jumped more than 60 cents in just the past month as the conflict intensified following strikes by the United States and Israel.
Varney framed the situation in stark terms, borrowing a line made famous by the Apollo 13 mission.
“Houston, we have a problem,” he said. “Well, you could apply it now. Houston, we have an oil problem.”
He explained that the issue is not a lack of supply but rather the difficulty of moving oil safely through dangerous waters. Iranian attacks have frightened many tanker operators, leaving massive amounts of oil effectively stranded in the Persian Gulf.
Varney noted that roughly 20 percent of the world’s oil supply moves through the region, making the disruption particularly consequential for global markets.
The president has said the Iranian navy has been destroyed, Varney acknowledged. But despite those claims, the attacks have continued. Overnight, three vessels were reportedly struck, and an oil refinery in Bahrain was set ablaze.
The consequences are already visible in energy markets. Oil prices have climbed to nearly $100 a barrel, sitting at $94.55 during the broadcast. At the same time, gasoline prices in the United States are approaching the politically sensitive level of $4 per gallon.
“That is not good,” Varney said bluntly.
While the conflict began with the goal of countering Iran’s nuclear ambitions, Varney argued the focus has shifted. In his view, the war has increasingly become about maintaining the free flow of global energy supplies — a mission that is proving far more complicated than many may have anticipated.
“At the moment,” he said, “that war is not going that well.”
Varney also warned that the administration may be underestimating how quickly the political consequences could escalate if fuel prices continue to rise.
He pointed to reports that U.S. Navy escorts for oil tankers may not be ready for weeks, leaving shipping vulnerable during a critical period.
If the situation drags into April without improvement, Varney suggested the economic effects could become even more severe. Oil prices could move well above $100 a barrel, and gasoline could surge past $4 a gallon nationwide.
That scenario, he argued, would not only strain family budgets but also strengthen critics who say Americans have little appetite for a prolonged conflict overseas.
“The public doesn’t want a long war,” Varney said, noting that high fuel prices could quickly erode affordability for millions of households.
As the conflict continues, the battlefield may not be the only place where the consequences are felt. The ripple effects at the gas pump could prove just as decisive in shaping public opinion about the path
[READ MORE: GOP Senators Warn Economic Pressures and Iran Conflict Could Spell Trouble for Republicans]
