Yes, Trump Was Already Running Out of Gas Before the Iran War
Published . Updated .
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Trump’s tariffs damaged his approval ratings well before the Iran war. Republicans’ midterm defeat reflects accumulated voter distrust, not one crisis.
Directly affected
- No company is named in this report.
Indirectly affected
- ITA iShares U.S. Aerospace & Defense ETF+1.1% 30d
iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story.
- XAR SPDR S&P Aerospace & Defense ETF-4.4% 30d
SPDR S&P Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story.
- UNG United States Natural Gas Fund-19.6% 30d
United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- XLI Industrial Select Sector SPDR-0.3% 30d
Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.
- LNG Cheniere Energy+5.7% 30d
Cheniere Energy (natural gas distribution): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
- EQT Eqt+4.3% 30d
Eqt (crude petroleum and natural gas): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
- KMI Kinder Morgan
Kinder Morgan (natural gas transmission): gas producers and exporters earn more when gas prices rise. Linked by “gas” (natural gas) in this story.
- XOM ExxonMobil Holdings-2.7% 17d
Oil producers earn more when crude prices rise. Linked by “iran + war” in this story
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| ITA | +0.76% | +0.87% | base | -4.00% | after close | after close | after close |
| XAR | +4.35% | +2.37% | base | -5.02% | after close | after close | after close |
| UNG | -1.02% | -2.91% | base | -0.22% | after close | after close | after close |
| XLI | +0.40% | +0.18% | base | -3.97% | after close | after close | after close |
| LNG | +9.22% | +6.72% | base | -3.48% | after close | after close | after close |
| EQT | +3.85% | +4.42% | base | -3.62% | after close | after close | after close |
| KMI | +7.75% | +3.81% | base | -3.57% | after close | after close | after close |
| XOM | +8.08% | +6.08% | base | -2.44% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Yes, Trump Was Already Running Out of Gas Before the Iran War National Review
Source: National Review
Defense
| Company | When | Move | Status |
|---|---|---|---|
| EQT | that day | -3.62% | final price |
| EQT | three days earlier | +4.42% | final price |
| EQT | five days earlier | +3.85% | final price |
| ITA | that day | -4.00% | final price |
| ITA | three days earlier | +0.87% | final price |
| ITA | five days earlier | +0.76% | final price |
| KMI | that day | -3.57% | final price |
| KMI | three days earlier | +3.81% | final price |
| KMI | five days earlier | +7.75% | final price |
| LNG | that day | -3.48% | final price |
| LNG | three days earlier | +6.72% | final price |
| LNG | five days earlier | +9.22% | final price |
| UNG | that day | -0.22% | final price |
| UNG | three days earlier | -2.91% | final price |
| UNG | five days earlier | -1.02% | final price |
| XAR | that day | -5.02% | final price |
| XAR | three days earlier | +2.37% | final price |
| XAR | five days earlier | +4.35% | final price |
| XLI | that day | -3.97% | final price |
| XLI | three days earlier | +0.18% | final price |
| XLI | five days earlier | +0.40% | final price |
| XOM | that day | -2.44% | final price |
| XOM | three days earlier | +6.08% | final price |
| XOM | five days earlier | +8.08% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Michael T. McCaul sold EQT (held by a spouse), worth $1,001 - $15,000 on 27 Aug 2026. That is 70 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought EQT, worth $1,001 - $15,000 on 17 Aug 2026. That is 80 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold EQT (held by a spouse), worth $1,001 - $15,000 on 14 Aug 2026. That is 83 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 22 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 66 days before publication. Filed 25 Sep 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
How solid the defense case looks
12 out of 100
“Yes, Trump Was Already Running Out of Gas Before the Iran War” scores 12 out of 100. The score uses 1 sources.