Since announcing a nominal cease-fire two months ago, Iran, Israel and the U.S. have remained locked in low-intensity violence that has become a new normal.
Oil prices retreated and stocks rallied after President Trump called off plans for another day of strikes on Iran, saying that a peace deal could be within reach.
In addition to concerns about their safety in the event of another all-out war, many Iranians worry about the country’s economy further collapsing if the conflict remains in limbo.
An explosion after U.S.-Israeli airstrikes hit oil storage depots in Tehran. The war has tangled supply chains and caused oil, gas and fertilizer prices to gyrate for months.
Oil prices jumped after the United States and Iran exchanged fire for a second day, heightening fears that the two countries could slide back into open conflict.
It is unclear if the U.S. intentionally struck the facility or knew what it was. Deliberately targeting civilian infrastructure could constitute a war crime.
A U.S. military official said the president’s seemingly dramatic announcement on Wednesday referred to a previously reported effort to shepherd commercial vessels through the Strait of Hormuz.
Speaking at a bill signing on Wednesday, President Trump predicted that inflation would recede quickly, once the Iran conflict concludes.“ It’s going to come down like a rock.”
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