Oil prices are back to $108 because Donald Trump just shut down peace talks
Gas station anxiety is back on the menu after the White House rejected a deal with Tehran.
So, we were all hoping for a bit of breathing room at the pump, but Donald Trump just effectively hit the snooze button on any hope of a quick resolution with Iran. After the Iranians offered a proposal to get oil moving through the Strait of Hormuz again, the President just shrugged and called it “unacceptable.”
To make things even more tense, he started hinting at more military strikes once the elections are wrapped up in November. Naturally, the markets freaked out. Brent crude rocketed past $108 a barrel because, apparently, the world is still running on “borrowed barrels” and very little patience. Everyone was banking on a diplomatic thaw, but it seems we’re sticking with the “find out” phase of the conflict instead.
It’s almost like the global economy is just a hostage in a high-stakes staring contest.
Source: CNBC
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