Oil Prices Jump as Middle East Tensions Build
Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn’t reopen.
Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn’t reopen.
His changes to the proposed deal were potentially designed to speed up the process by putting pressure on Iran to accept the current framework, one official said.
A political fight is playing out in Iran, where the small but loud faction of hard-liners has used rallies, state media and private and public statements to try to undermine negotiations.
President Trump’s pendulum swings on Iran have often seemed driven by mood and moment rather than any discernible strategy.
The president said more countries should be required to recognize Israel as part of a deal to end the war with Iran. Analysts say the chances of that happening are close to zero.
President Trump held out hope for a peace agreement, but said high oil prices would not force his hand.
The money has become a sticking point in talks, with Iran insisting that meaningful negotiations cannot begin without the funds’ release.
The warnings came after U.S. forces struck military sites in Iran. Secretary of State Marco Rubio said on Tuesday that negotiations to end the war were continuing.
President Trump says the U.S. and Iran could be close to a peace deal. The big issues at stake include the fate of Iran’s nuclear program and reopening the Strait of Hormuz.
Iran and the United States appeared to be negotiating on a deal to end the war, but talks could take days. In the meantime, hostilities continue.