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