US President Donald Trump on Tuesday insisted that his policies were working and that surging inflation was merely temporary due to the US and Israeli war against Iran. He predicted that the conflict would conclude soon and oil prices would drop as soon as it ends.
Donald Trump said the oil prices would fall once the Iran war ends, predicting the conflict would conclude soon. The war on Iran, launched on Feb 28, has engulfed the Middle East in violence, with Tehran 's retaliatory action targeting US regional allies and virtually blocking the key Strait of Hormuz.
The halt in shipping through the waterway, which normally sees about a fifth of global oil and gas traffic, has seen energy prices skyrocket. As of Tuesday, the average price of a gallon of regular gasoline in the US had risen about 51% since the start of the war, according to data from the AAA motor club
Iran War Oil Prices Inflation Strait Of Hormuz Energy Prices Gasoline Prices US President Donald Trump Middle East War On Iran Tehran US Regional Allies Global Oil And Gas Traffic AAA Motor Club US Federal Reserve Long-Term 2% Target For Inflation Inflation Hit A Recent Peak Of 9.1% In 2022 Americans' Financial Situation Peace Deal With Iran Nuclear Weapon
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Prices Drop as President Trump Rejects Iran's Peace Offer, Uncertainty AboundsGold prices dipped in Singapore after President Donald Trump rejected Iran's latest peace offer, sparking fears of heightened inflation and disrupting ceasefire efforts. Gold traded near US$4,698 an ounce after a rise of around 2% last week. Current Fed chair Jerome Powell's term is ending this week, with his resistance against political influence a key factor contributing to gold's early-year rally.
Read more »
US President Trump Hints at Increased Military Pressure on IranUS President Donald Trump suggests Iran's leadership is divided into 'moderates' and 'lunatics'. He also states the Iran ceasefire is on 'life support' and describes counter-proposals as 'garbage'.
Read more »
US President Donald Trump's Upcoming State Visit to ChinaTrump's visit comes amidst heightened bilateral tensions over a range of issues, including trade, technology, and defence. He will engage in trade talks with US Treasury Secretary Scott Bessent in South Korea prior to his China trip. The timing intersects with a US-Iran ceasefire and a dual blockade of the Strait of Hormuz, driving up energy prices and affecting global economic growth. The state visit also coincides with China's position on international issues like the Iran war and US sanctions.
Read more »
US President Trump Discusses Iran War with China's Xi Jinping, Hints at Military OptionUS President Donald Trump plans to discuss the Iran war with Chinese President Xi Jinping during their upcoming summit. Trump insists he doesn't need China's help in ending the conflict but plans to have a 'long talk' about it. He also mentions that China, as a top economic partner of Iran, has been 'relatively good' in handling the situation, despite reports of continued arms sales and sanctioned oil purchases.
Read more »