Trump is shrugging off political damage from high gas prices and the Iran conflict, which is bad news for struggling Americans and Republican midterm chances but not enough to force a policy shift.

• Gas is near $4 a gallon in Texas and has stayed high for over 80 days, hitting families just as summer travel starts.
• Oil sits at $100 a barrel, up from $60 before the Iran conflict, and the Strait of Hormuz has been closed the whole time.
• Treasury Secretary Bessent calls the price spike "transitory," echoing the same line the Biden team used before inflation stuck around.
• The White House does not feel pressure because the stock market keeps hitting all-time highs, which is what the administration actually watches.
• Iran deal talks are stuck because Iran wants fees for Hormuz access and Trump cannot publicly accept terms that look like a loss.
• Wealthy spending on $100,000 Knicks finals seats and pricey US Open tickets is making the pain feel worse for normal people.

Outlook: Gas prices will likely stay high for months, cost-of-living anger will keep building into the midterms, and the Iran standoff will drag on as long as Trump refuses a deal that looks like defeat.