President Trump said the U.S. would remove its blockade of the Strait of Hormuz.
For the record. SpaceX, Hayek, and the Progressive War on Wealth CreationThe progressive left clings to the fantasy that wealth is manufactured by the state and its pet technocrats rather than by entrepreneurs who risk their own capital to create real value. In their https://t.co/9jTBb9vQzJ
In a call to The New York Times, President Trump praised Russia’s and China’s leaders and described Israel’s prime minister as “a very difficult guy.”
President Donald Trump's announcement on Sunday that the U.S. and Iran had reached a new agreement that provides a pathway to ending the more-than 100-day-old conflict was mocked by some political analysts as "insulting."Trump wrote on Truth Social that he had fully authorized the "toll-free" reopening of the Strait of Hormuz, a global waterway that accounts for 20% of global energy trade. Pakistani Prime Minister Shehbaz Sharif, who has been mediating the talks, posted on X that the agreement "[laid] the foundation for the technical talks and the official signing ceremony," which is scheduled for this Friday. The announcement was made less than one hour before Trump's "UFC Freedom 250" event at the White House began. It also sent Brent crude oil prices tumbling to roughly $83 per barrel, its lowest level since the war began. Initial details of the deal from Iranian state media say the U.S. agreed to include a reconstruction package worth at least $300 billion and to release $12 billion of the regime's frozen assets. Political analysts and observers mocked the announced deal on social media, arguing that it was yet another instance where Trump backed down from his threats. "The reported details of this Iran deal are so insulting to the 13 U.S. servicemen and women who died," Mike Nellis, a Democratic political strategist, posted on X. "We’ve accomplished nothing. Iran is reopening the Strait of Hormuz, not giving up its uranium, and Trump is going to give them $25 billion. That’s way worse than the deal Obama negotiated.""Congrats on things being back to how they were before you and Israel started this nonsense. What an incredible achievement," Barry Malone, a journalist and political commentator, posted on X. "Until this is in writing and all parties sign in agreement, there is NO deal," Gabe Sanchez, who hosts the "What Was That Show" podcast, posted on X. "Trump gave away everything and I’m positive that he will screw it up even more.""The president surrendered on his birthday," writer Peter Rothpletz posted on X.
Former Vice President Mike Pence cast doubt on the possibility of a deal between Iran and the U.S. over the two countries’ war shortly before President Trump announced a deal has been reached on Sunday. “My concern right now is not with the intentions of the president. Look, I think the president has earned a [...]
President Trump and Pakistan's prime minister announced Sunday night that the U.S. and Iran had completed a deal to end fighting in the Middle East. Mr. Trump also said the U.S. blockade on the Strait of Hormuz would end immediately. Olivia Gazis reports.
Crude oil prices fell over 4% to their lowest levels in over three months Sunday after the U.S. and Iran agreed to a ceasefire extension that could lead to the reopening of the Strait of Hormuz.Why it matters: Severe restrictions on oil traffic through the strait since the conflict began in late February have created an unprecedented energy shock that's a drag on the global economy.The oil price spike caused U.S. gasoline prices to soar to their highest levels since 2022, adding to GOP political peril ahead of the midterm elections.The latest: The global benchmark Brent crude is down 3.6% to $84.21 per barrel. It initially fell even more steeply before reversing some of the decline.WTI, the U.S. reference, is down over 4% to $81.38 per barrel.Sunday's decline follows prices that had already slid Friday on reports that an agreement was imminent.The apparent agreement could greatly expand tanker traffic through the narrow waterway that handles about a fifth of the global oil trade. Axios' Barak Ravid has the latest on the agreement. Catch up quick: The memorandum of understanding would mark the biggest diplomatic breakthrough of the war and buy time to settle the hardest questions over Iran's nuclear program.What we're watching: Average U.S. gasoline prices soared to a high of roughly $4.56 per gallon in May, but have retreated in recent weeks and now average $4.07, per AAA.That's still over $1 higher than pre-war levels at a time when affordability is front and center in midterm election battles. But prices will likely recede if crude oil prices — the largest variable in retail pump prices — continue to recede. What's next: The disrupted market will take months to fully untangle, but the apparent deal could enable a major increase in tanker transit.But it's not clear how many ship owners and operators will quickly have confidence to move through the waterway.Plus, even if the strait is fully open, Persian Gulf oil producers that cut production when the main export route was cut off will need time to revive it. Go deeper: Gas prices won't return to pre-war levels anytime soon
An agreement has been reached between the United States and Iran to end fighting and reopen the Strait of Hormuz, according to President Donald Trump and details of a draft memorandum of understanding released by Iranian state-affiliated media Sunday.
