Oil prices jumped and stocks wobbled on Monday after an Iranian state media report said Tehran would suspend peace negotiations because of Israel’s assaults on Hezbollah in Lebanon.
The report from the semi-official Tasnim News Agency pointed to Israeli Prime Minister Benjamin Netanyahu’s decision to order strikes on the southern outskirts of Beirut.
“Given the continuation of the Israeli regime’s attacks in Lebanon, and considering that Lebanon had been one of the preconditions for a ceasefire — which has now been violated on all fronts, including Lebanon — the Iranian negotiating team is suspending ’talks and exchanges of texts through mediators,’” Tasnim reported.
The report did not cite specific members of the Iranian regime.
The Washington Times reached out to the White House for comment.
Markets reacted swiftly. Oil prices rose by more than 5% to approach $100 per barrel before easing a bit.
Wall Street stocks were mixed, as the Iranian report and renewed clashes in the Middle East held back gains despite strong earnings reports from the tech sector.
The U.S. and Iran are trying to finalize an agreement that would reopen the Strait of Hormuz and lift an American blockade of Iranian ports, while setting the table for final negotiations over Iran’s nuclear program.
Mr. Trump said Monday that Iran peace talks will “work out well in the end” but grumbled that his critics are making the process harder and undercutting his negotiating position.
Democrats and other critics have repeatedly accused Mr. Trump of launching a “war of choice” against Iran on Feb. 28 without setting a firm strategy or goals. Mainly, they point to U.S. gas prices, which are well above $4 per gallon on average, compared to slightly below $3 when the war began.
“Families can’t afford to wait for lower prices any longer as they dip even further into their savings or cancel their summer travel plans,” DNC Rapid Response Director Kendall Whitmer said Monday. “Trump and his administration have made it nearly impossible for everyday Americans to get by, and they’re offering nothing but excuses and empty promises.”
