U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Warren seeks April 10 answers on household cost impacts of the Iran war

Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, sent a letter to Treasury Secretary Scott Bessent, White House National Economic Council Director Kevin Hassett, and Acting Chair of the White House Council of Economic Advisers Pierre Yared warning that the Trump administration’s war with Iran, which she described as illegal and reckless, is driving up costs for American families and lacks a plan to limit price pressures. The letter argues the conflict is increasing household expenses through higher energy costs linked to disrupted shipping through the Strait of Hormuz, which she wrote has removed roughly one-fifth of global oil and gas supply from the market, and through knock-on effects on home heating and other utilities, noting utility prices have risen 10.9 percent under President Trump. It also highlights prospective food price increases via fertilizer market disruption ahead of the U.S. planting season, and broader retail inflation as higher crude prices lift gasoline, diesel, and jet fuel costs, with U.S. diesel prices rising above USD 5 from USD 3.69 one month earlier. Warren further cites wider economic uncertainty and supply-chain disruption risks across sectors including electronics, automotive manufacturing, and critical medical supply chains. Warren requested written responses from the administration’s top economic advisers by April 10, 2026.