Oil prices rose again Tuesday as the Trump administration seemed cool to Iran’s latest proposal for ending the war.
The price of Brent crude, an international benchmark, jumped more than 3% to more than $110 per barrel.
Prices had dipped below $100 per barrel earlier this month, when the U.S. and Iran agreed to a pause in fighting. Yet efforts to reach a lasting peace faced a series of hurdles.
Most recently, the White House said President Trump would stick by his “red lines” in assessing an offer from Iran to reopen the Strait of Hormuz if the U.S. drops its blockade of Iranian ports and postpones discussions about Tehran’s nuclear program.
Mr. Trump told advisers he is dissatisfied with the offer, according to The New York Times.
Mr. Trump and Israel launched a military operation against Iran because they want Tehran officials to abandon their nuclear ambitions and curtail their support for terror proxies in the Middle East.
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Brent crude was trading near $70 per barrel when the war began on Feb. 28.
Gasoline is refined from crude oil, so Americans are feeling the effects of the price increase.
The national average price of a gallon of gas stood at nearly $4.18 on Tuesday, up from $4.11 one day prior and roughly $3 per gallon when the war started, according to the AAA motor club.
Rising gas prices could be a liability for Mr. Trump and the GOP if prices remain high heading into November’s midterms.
Mr. Trump says short-term economic pain will be worth the long-term gain of preventing Iran from getting a nuclear weapon.
U.S. stocks have faced an up-and-down ride during the Iran war, but so far, the markets have been resilient.
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Stocks were mixed on Tuesday as the U.S. and Iran struggled to reach a peace deal. Investors are mostly focused on a series of earnings reports from big tech companies that bet heavily on artificial intelligence.
