President Donald Trump's approval rating has taken another hit, and this time it's not just the usual political noise. A fresh NBC News poll shows his numbers slipping to a new low, with the ongoing Iran War playing a big role in dragging him down.

Approval Rating Hits a New Low

The latest NBC News Decision Desk poll puts Trump's approval at 36%, down one point from the spring survey. That might not sound like a cliff dive, but it's the lowest mark he's seen in this particular poll. Meanwhile, his disapproval rating climbed to 64%, the highest yet.

Low poll numbers aren't exactly breaking news for Trump, but what's more telling is the erosion of support among his base. Among Republican voters, his approval stands at 80%, down from 83% in the spring. Dig a little deeper, and the cracks widen: only 41% of Republicans say they strongly approve of Trump, a sharp drop from 52% in the previous poll. This is the first time in the NBC poll that the "strongly approve" number for Republicans has dipped below 50%.

The spring poll was conducted in March and April, while the latest one ran from Aug. 20 through Sept. 1, so we're looking at a real shift over the summer.

The Iran War Is the Elephant in the Room

It's not hard to figure out what's driving the discontent. The Iran War, which has been pushing gas prices higher, is a major factor. Only 31% of voters approve of Trump's handling of the conflict, with 69% disapproving. That's a slight decline from the spring, when 33% approved and 67% disapproved.

Even among his most loyal supporters, the war is taking a toll. Among Republicans, just 30% strongly approve of Trump's handling of the war, down 18 points from the last poll. And among self-identified MAGA Republicans, strong approval sits at 43%, a 21-point drop.

Trump has hinted he might declare the war over soon, and he's promised gas prices will fall below $2 once it ends. Both moves could be crucial if he wants to see his approval rating bounce back.

Interestingly, the stock market has been chugging along nicely, with the SPDR S&P 500 ETF Trust (SPY) up 12.1% year-to-date. The S&P 500 even hit all-time highs last month, despite the ongoing war. But a booming market isn't enough to offset the public's frustration. As the poll suggests, a healthy stock market doesn't always translate into political goodwill, especially when voters are feeling the pinch at the pump and worried about a protracted conflict.

So while the indexes may be celebrating, Trump's political fortunes are clearly tied to more than just Wall Street's performance. The war, and its impact on everyday costs, remains a stubborn cloud over his presidency.