As a result of a short-lived ceasefire between the U.S. and Iran failing for what feels like the 87th time, global oil prices have once again spiked.
Trump Can't Control The Strait Of Hormuz, So He Attacks Iran Again
The first round of negotiations between the U.S. and Iran concluded Monday morning in Switzerland with both sides agreeing to "a road map" to reach a final deal within 60 days.
The conflict in Iran led to the prolonged closure of the Strait of Hormuz, creating a bottleneck on the global oil supply and driving up prices.
Iranian media outlets released their own details regarding the deal, and those reports seemed to indicate the U.S. is caving to Iranian demands.
A ceasefire between Iran and the U.S. appears to be collapsing as the U.S. military launched several airstrikes against Iran this week.
Iran said the Strait of Hormuz will remain closed as a result of the stalled talks, which, surprise, surprise, has caused oil prices to spike again.
Despite being under a ceasefire with hopes increasing that a peace deal would be reached soon, the U.S. launched strikes against Iran on Wednesday.
President Donald Trump is still claiming a deal is being made while also continuing to threaten Iran with military strikes.
The average price of gas reached a four-year high ahead of Memorial Day, when millions of Americans are expected to travel throughout the country
The ongoing war in Iran has significantly impacted the U.S. economy, with increased energy prices and inflation at its highest level since May 2023.
Iran’s threat comes after President Donald Trump said U.S. military ships would escort ships through the blockaded Strait of Hormuz.