Average U.S. Gasoline Price Falls Below $4 for First Time in Months
Drivers are enjoying some relief at the pump after the United States and Iran signed an agreement to reopen the Strait of Hormuz.
Drivers are enjoying some relief at the pump after the United States and Iran signed an agreement to reopen the Strait of Hormuz.
The preliminary agreement may not have an immediate effect on prices at the pump. Damaged infrastructure and risky transport could keep costs up.
The United States and Europe were at odds over the Trump administration’s decision to ease oil sanctions on Russia.
Top policymakers were expected to discuss rising energy prices and sanctions policy at a critical summit in Paris this week.
The balance of power between the United States and China had shifted in Beijing’s favor even before the war in Iran began in February.
President Trump has declared the cease-fire on “life support,” and investors are taking a cautious approach as the economic effects of the war become more apparent.
The conflict has morphed into a volatile standoff in the Strait of Hormuz, as the economic costs mount and President Trump faces a political backlash at home.
Stocks may be soaring again, but the war in Iran has started to pinch the finances of many Americans.
The conflict could also fuel another bout of inflation, according to the International Monetary Fund.
The conflict in the Middle East has left the Federal Reserve braced for higher inflation, with more officials open to the possibility of rate increases.