The Iran war is pushing oil, gas and food costs to painful highs, and the White House now admits relief won't come before the midterm elections — bad news for anyone already stretched thin.

• Trump said oil and gas prices will only start falling "right after" the midterms, calling the pain short-term.
• Oil is near $100 a barrel and gas jumped again overnight as the U.S. and Iran keep trading strikes.
• Top advisers are privately weighing that the Iran war could drag on until the end of Trump's term in 2029.
• Government borrowing costs rose after a Treasury buyback plan landed badly, pushing up the cost of nearly everything else.
• Republicans held their first-ever midterm convention in Dallas to thin crowds, with rent, food and gas complaints dominating voter mood.

Outlook: With the Strait of Hormuz choked and no end to the fighting in sight, expect oil, gas and grocery prices to stay high into the election.