US EditionOil Price Fluctuates Ahead of Trump's Iran Deal Deadline
- On Tuesday, President Donald Trump set an 8 p.m. EST deadline for Iran to reopen the Strait of Hormuz or face sweeping U.S. airstrikes on infrastructure targets including power plants and bridges. Oil prices rose ahead of the ultimatum.
- Since U.S. and Israeli airstrikes began on February 28, shipping disruptions in the Strait of Hormuz have strangled global oil flow. Oil prices have climbed more than 50% since the war began, prompting economists to warn of rising inflation risks.
- The national average for regular gas hit $4.140 on Tuesday, according to AAA, reaching its highest level since 2022. Diesel prices also continued to rise, reaching $5.646 per gallon, just 2 cents below the record high.
- White House press secretary Karoline Leavitt said that when "Operation Epic Fury" is complete, gas prices will plummet. Meanwhile, Nigel Green, CEO of investment firm de Vere Group, said "Markets are behaving as if this is background noise."
- Analysts with Mizuho Bank noted that President Trump's actions mark "an escalation cycle that has now been extended several times since his first ultimatum in late March." Prospects for complete resolution remain elusive while countries pursue bilateral solutions.
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84 Articles
With the deadline set by U.S. President Donald Trump for the opening of the Strait of Hormuz fast approaching, the U.S. stock market remained flat, and international oil prices closed without significant fluctuation. Both the stock and oil markets fluctuated throughout the day, reacting sensitively to a steady stream of news regarding the negotiations.
Trump says ‘whole civilisation will die tonight’ as Iran deadline looms
President Trump’s deadline of midnight GMT for Iran to reopen the Strait of Hormuz is looming, and as requested, some Iranians have formed human chains around bridges and power plants. They’ve already had a taster of what could lie ahead. Today, the US and Israel hit railways, bridges, the oil hub Kharg Island, and a third petrochemical complex. Ever defiant, the Revolutionary Guards warned Iran’s neighbours that any previous restraint was over,…
Oil prices waver and US stocks fall ahead of Trump's deadline for Iran
Oil prices are wavering, and U.S. stocks are falling as the countdown ticks toward the latest deadline set by President Donald Trump to destroy Iranian power plants and bridges. The S&P 500 fell 0.3% Tuesday ahead of Trump's 8 p.m.…
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