Iran War Deadlock Fuels Market Uncertainty
Get caught up.
After days of silence, Iran parried Donald Trump’s proposed peace plan with terms similar to those it has floated for weeks. Trump on Monday assailed the response while engaging in new brinkmanship regarding the tenuous ceasefire between the US and Iran.
With no deal in sight and the Strait of Hormuz still effectively blocked, oil prices resumed their upward trajectory during the day. And with gasoline prices at multi-year highs as the travel-heavy Memorial Day weekend approaches, Trump raised the possibility of a federal gas tax holiday. The problem with that, however, is the president has no power to impose one, as such a move would take an act of Congress—which has never done it.