Oil prices rose, and Wall Street stocks were flat to start the trading week on Monday after President Trump warned Iran the “clock is ticking” on peace negotiations.
Brent crude oil, an international benchmark, touched $110 per barrel as the U.S. and Iran struggle to reach a lasting peace deal.
“For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” Mr. Trump said Sunday on social media.
Stocks opened in slightly positive territory as investors eyed the thorny situation in the Middle East. Further, recent inflation reports showed price pressures from the war, signaling the Federal Reserve might not be eager to cut interest rates.
Mr. Trump warned Iran to get serious about negotiations as he squeezes its economy with a blockade of its ports.
Iran, meanwhile, is clamping down on traffic in the Strait of Hormuz, a critical oil choke point.
The United Arab Emirates reported Sunday that it intercepted two drones while a third struck an electrical generator near the inner perimeter of the Barakah Nuclear Power Plant in the Al Dhafra Region.
Gasoline is refined from crude oil, so American drivers are seeing higher gas prices from the Middle East turmoil.
The average U.S. price of a gallon of gas was nearly $4.52 on Monday. While the average price has been relatively steady over the past week, it is up 52% compared to when the war started.
Mr. Trump says short-term economic pain will be worth the payoff once he reaches his goal of preventing Tehran from obtaining a nuclear weapon.
Democrats say Mr. Trump launched a war of choice that is hurting Americans, economically, and that Congress should rein in his war powers.
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