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.
The deal to ship 250,000 barrels of fuel to Cuba could have eased an energy crisis. But the Trump administration says Vanguard Energy lacks the authorization to proceed.
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.
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.”
As the Iran war drags on, Oman — a U.S. ally and mediator with Iran — has found itself at odds with the Trump administration and some of its own neighbors.
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