The U.S. and Iran have been attempting to negotiate an end to their four-month-long conflict, but President Trump has stated he is in 'no hurry' to finalize a deal.
In a recent Fox News interview, Trump emphasized the importance of securing a strong agreement that prevents Iran from acquiring nuclear weapons and ensures the reopening of the Strait of Hormuz, a critical passage for global oil transport. Currently, U.S. gasoline prices average $4.34 per gallon, influenced by the conflict and the closure of the Strait, which carries about 20% of the world's oil.
Trump has threatened further military action if negotiations fail, suggesting that a rushed deal could lead to unfavorable terms. The ongoing uncertainty in negotiations continues to impact energy markets and inflation, which has reached its highest level since May 2023