Oil prices steady as Iran deal holds

WASHINGTON (Gray DC) – Thanks to the U.S.-Iran interim peace agreement, crude oil has once again continued to flow through the Strait of Hormuz. And that has led to a further decline worldwide in oil prices.

With the strait now reopened to all cargo ships, the price of crude fell roughly four percent on Wednesday to about $74 a barrel. That’s down approximately 40% from the wartime peak.

Ahead of lunch with Senate Republicans and with Majority Leader John Thune (R-S.D.) by his side President Donald Trump had this update,

“The war is going very well. As you know, we’re winning by a lot. Iran is making very big concessions. We’ll see what happens. But it’s been very, very, very powerful. It’s going very, very well.”

According to the President, those concessions include Iran accepting UN nuclear inspectors in the country. But Iran’s Foreign Ministry denies that. And the President told Gray Media’s White House correspondent Jon Decker yesterday those IAEA inspections will take place, “at the appropriate time,” adding that “there’s no rush.”

In the meantime, gas prices are holding steady. According to AAA, the national average now stands at $3.93 a gallon. Gasoline prices have risen 32 percent since the war began.

Later in the afternoon, President Trump met with NATO Secretary-General Mark Rutte. He told reporters that the NATO alliance remains essential and that NATO countries agree with President Trump’s oft-repeated remark, that Iran should not build a nuclear weapon.