Oil prices are climbing again as Trump signals frustration with Iran, which is bad news for American workers, drivers, and the housing market.

• Trump told Fox News he is losing patience with Iran and wants a deal, while the conflict keeps dragging on.
• Trump also said Chinese President Xi agreed to buy more US oil and promised not to send military equipment to Iran.
• High gas prices for six months or more will likely trigger layoffs, store closures, and weaker consumer spending.
• The setup looks similar to 2007–2008 and the late 1970s, when an oil shock helped tank the housing market.
• Inflation is rising and the next numbers are expected to come in even higher.

Outlook: If oil stays high into the midterms, expect job losses, falling home prices, and more business failures this summer.