Phyrex|Jul 31, 2026 05:41
The U.S. Senate will vote today on a resolution to limit the president's war powers regarding Iran, requiring the Trump administration to cease military actions against Iran without congressional authorization, unless Congress formally declares war or passes new military authorization.
The Senate has repeatedly pushed this resolution, and a more practical reason might be that the Iran war is already backfiring domestically in the U.S. Oil and gas prices continue to rise, with energy costs being passed on to transportation and goods prices, further driving up inflation and limiting the Fed's room to cut interest rates.
War expenses, U.S. soldier casualties, and declining public opinion are also increasing political pressure on members of Congress. Especially with the midterm elections approaching, allowing the president to bypass Congress and escalate the war with Iran is becoming increasingly costly politically.
However, today's vote is just a procedural motion. Even if the Senate ultimately passes it, it would still need approval from the House of Representatives and could face a veto from Trump.
But for me, this signals a potential downward trend for oil prices.
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