Trump's approval rating has sunk to a new low as the Iran war pushes gas, energy, and food prices higher — bad for Trump, and bad for anyone paying those bills.

• A new Reuters/Ipsos poll puts Trump's approval at 33%, driven by the pain of rising prices.
• The war with Iran is the main cause, and it is being fought largely on Israel's behalf.
• Fox News is recasting the war as a national security issue to justify the higher costs to viewers.
• US missile interceptors and weapons stockpiles are running low, which arguably leaves America more exposed, not safer.
• Iran spends nothing on US elections while the Israel lobby is the biggest spender in recent cycles — the opposite of the claim being pushed on air.

Outlook: Trump wants out of an unpopular war but keeps escalating, so expect more attempts at a deal and continued price pressure until one lands.