Gas Prices May Remain High Despite US-Iran Deal
The preliminary agreement may not have an immediate effect on prices at the pump. Damaged infrastructure and risky transport could keep costs up.
The preliminary agreement may not have an immediate effect on prices at the pump. Damaged infrastructure and risky transport could keep costs up.
Iran targeted Bahrain, Qatar, the United Arab Emirates and other American allies in the Middle East during the war, harming their economies and military sectors.
For all of the cautious optimism surrounding the framework agreement, some of the toughest issues lie ahead, and the deal could still fall apart.
For decades, Islamic governance held allure in the Middle East. Now some scholars say the Islamist wave has passed.
The accord halts hostilities in the war that began in February but leaves unresolved the critical issue of Iran’s nuclear program.
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.”
Mr. Trump said that Iran was close to signing a peace deal. So far, weeks of talks have failed to produce an agreement.
President Trump is grappling with his own version of the sort of Middle East crisis that beset his predecessors, and that he promised to avoid.
Iran’s leaders want to show they are serious about defending their Hezbollah allies in Lebanon and maintaining the regional balance of power, analysts say.
The cartel’s move to increase output by 188,000 barrels per day is largely symbolic, with vast amounts of the world’s oil stranded by the effective shutdown of the Strait of Hormuz.