Oil prices rose and stock futures fell on Monday as investors reacted after the two sides failed to agree on a U.S.-Iran peace deal.
President Trump said on social media Sunday that the latest Iranian proposal was “TOTALLY UNACCEPTABLE!” » He did not share details of what Iran had proposed. Tehran said the two countries were working on a short-term deal that would suspend fighting for another 30 days and end Iran’s blockade of the Strait of Hormuz, a key oil and gas shipping route in the Persian Gulf.
As gasoline prices remain high in the United States, Energy Secretary Chris Wright said Sunday that the Trump administration would be willing to suspend the federal gasoline tax, which represents 18.4 cents of the price of a gallon of gasoline.
