Trump’s approval rating has settled in the low-to-mid 30s through much of 2026, with several national polls recording second-term lows near 32-34 percent in July and August amid sustained U.S. military engagement with Iran. That conflict, combined with elevated gasoline prices and broader cost-of-living pressures, has produced especially weak marks on foreign policy, the economy, and inflation. Recent September surveys show modest stabilization around 37-39 percent, though disapproval remains above 60 percent on most issues. Traders are monitoring whether further escalation or de-escalation in the Middle East, shifts in energy markets, or November midterm results will push ratings lower before year-end. Historical patterns suggest ratings can move several points in response to major foreign-policy or economic developments.