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Gas Prices in GTA Expected to Rise as Trump Declares Ceasefire with Iran Is ‘Over’
Brent crude jumped 6% to $74.50 a barrel, and AAA said the national average for regular gasoline rose to $3.80.
- On Wednesday, President Donald Trump declared the ceasefire with Iran "over" after Iranian attacks on commercial ships in the Strait of Hormuz and U.S. military sites, though he said negotiators would continue discussions.
- The 60-day ceasefire agreed June 19 collapsed after just 18 days, extending months of tensions that began February 28 when conflict initially erupted between the nations.
- Brent crude oil prices jumped 6% to $74.50 per barrel on July 8, while the national average for regular gasoline rose to $3.80 according to AAA. GasBuddy analysts warned prices could approach $4 per gallon soon.
- Oxford Economics chief global economist Ryan Sweet questioned whether the situation represents "a bump in the road" or signals deeper instability, as market volatility persists amid uncertain negotiations.
- If the peace deal collapses entirely, economists warn it could increase pressure on Asian AI supply chains and force central banks to adopt hawkish policies, potentially shifting the outcome of U.S. midterm elections.
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14 Articles
14 Articles
Coverage Details
Total News Sources14
Leaning Left4Leaning Right1Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 36%
C 55%
Factuality
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