Sen. Elizabeth Warren, Democrat from Massachusetts and ranking member of the Senate Banking, Housing, and Urban Affairs Committee, speaks at a hearing on Thursday, February 12, 2026, in Washington, DC, USA.
Stephanie Reynolds | Bloomberg | Getty Images
In a letter sent to administration officials on Friday, Sen. Elizabeth Warren seeks answers to the economic questions surrounding the Iran war, checking off a list of questions about the impact on food, energy and retail costs, among other things.
The liberal Democratic firebrand from Massachusetts accused President Donald Trump of “dragging America into an illegal and reckless war” that would harm American consumers, especially the middle and lower classes.
“I write this letter with grave concerns that President Trump has weakened our already fragile economy and will continue to do so, funneling billions of dollars into wars that will raise prices, slow growth, and force American families to spend more,” Warren said in a letter obtained exclusively by CNBC.
Warren is a ranking member of the Senate Banking, Housing and Urban Affairs Committee.
Energy costs have skyrocketed since the war began three weeks ago. Benchmark global oil prices are nearing $110 a barrel and pump costs are approaching $4 a gallon, about $1 more than a month ago, AAA said.
Official government inflation figures for March have not yet been released, but rising energy costs and pass-through effects are likely to push prices higher, at least as long as the fighting continues.
Warren said the war has a broader impact in terms of economic uncertainty, detailing the impact on energy, food and retail prices.
“The list of economic impacts is endless,” she wrote. “And the Trump administration does not appear to have a meaningful plan to keep prices low or prevent Americans from running out of the supplies they need to work, go to school, and feed their families.”
Administration officials did not immediately respond to requests for comment.
The letter was specifically addressed to Treasury Secretary Scott Bessent, National Economic Council Director Kevin Hassett, and Acting Chairman of the Council of Economic Advisers Pierre Yared.
Mr. Warren asked the recipients whether their organizations had done any cost analysis of the impact of the war before the war began, or had any projections of how prices would trend for the remainder of 2026.
Earlier this week, Federal Reserve Chairman Jerome Powell did not directly mention war, but said he expected energy prices to rise but did not know the long-term effects. The Fed voted to keep its benchmark interest rate unchanged, in part because of the uncertainty surrounding the war.
