Trump backs temporary suspension of federal gasoline tax amid Iran war

President Trump announced on May 11, 2026, a plan to temporarily suspend the federal gasoline tax for 90 days. This move is seen as an indicator that the White House anticipates the US-Iran conflict, which began in late February 2026, will continue for an extended period, impacting global oil markets and energy prices. The proposed halt to the 18.4-cent-per-gallon tax aims to provide relief to American drivers facing gas prices over $5 per gallon. Beyond the immediate consumer impact, the decision highlights concerns about prolonged elevated energy prices, which could affect inflation, Federal Reserve decisions, and investor risk appetite across all asset classes. The conflict has already caused oil prices to surge 25% and global stock markets to decline 4%. For Bitcoin, the situation presents a dual effect: increased demand as a hedge against geopolitical uncertainty, but also higher production costs for miners due to rising energy prices, particularly those relying on fossil fuels. Analysts are observing increased interest in energy-focused crypto protocols and tokenized commodity markets as a result of these market dynamics.

(Source：Crypto Briefing)