Oil prices rose and stock futures ticked down on Sunday as investors reacted after the two sides failed to agree on a U.S.-Iran peace deal.
President Trump said on social media Sunday that Iran’s response to America’s proposal was “TOTALLY UNACCEPTABLE!” He did not share details about what Iran had offered. Tehran has said the two countries are working on a short-term agreement that would pause fighting for another 30 days and end Iran’s blockade of the Strait of Hormuz, a key oil and gas shipping route in the Persian Gulf.
As gas prices remain elevated in the United States, Chris Wright, the energy secretary, said on Sunday that the Trump administration would be open to pausing the federal gas tax, which accounts for 18.4 cents of the per gallon price of gasoline.
Oil ticks up.
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The price of Brent crude, the global benchmark for oil, rose about 2.7 percent on Sunday evening, trading at around $104 a barrel.
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West Texas Intermediate crude, the U.S. benchmark, was up a little less than 3 percent, trading at roughly $98 a barrel.
Stocks tick down.
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Futures on the S&P 500 pointed to a slight decline, of about 0.4 percent, when stocks resume trading in the United States on Monday.
Gasoline prices slip.
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Gas prices dipped slightly on Sunday, falling about a penny to a national average of $4.52 for a gallon of regular, according to the AAA motor club. Despite prices inching down since Friday, drivers were still paying about 52 percent more per gallon since the war began.
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Gas prices don’t move in lock step with crude, usually trailing increases or drops by a few days.
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The average price of diesel remained about the same, at $5.65 on Sunday, up 50 percent since the start of the war.
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