What Has Trump Said About Iran?
Trump offered few details on the most recent operations in the Middle East during Sunday morning interviews, which focused on the sudden death of Sen. Lindsey Graham, R-S.C.Speaking to “Meet the Press,” Trump claimed Iran “agreed to a deal yesterday, a perfect deal for us, no nuclear, no this, no that, no nothing, they gave up everything. And then after that, they left the room, and then within an hour they launched a drone at a ship.” He told a similar story to CNN, telling host Jake Tapper “we hit them very hard last night, we had a deal with them yesterday they were giving up everything, then all of a sudden two hours after that they hit a ship with a drone. And I said, ‘these people, there’s something wrong with them.’”
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Key Background
Last week, Trump declared the ceasefire between Iran and the United States signed in June was “over,” although he claimed peace talks with Iranian negotiators would continue. The announcement still sent shockwaves across international markets. Iran effectively shut down the Strait of Hormuz during the war that began in February, sending oil prices skyrocketing. The U.S. responded with a blockade of Iranian ships.
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WHAT TO WATCH FOR
Oil futures contracts begin trading for the week at 6 p.m. EDT on Sunday evening, which could provide a clear view of investors’ interpretation of the situation, given how critical the strait is to global oil markets. West Texas Intermediate crude was trading around $71.50 when markets closed Friday, while global benchmark Brent Crude was trading around $76. A spike could indicate investors are concerned about whether traffic will be able to transit through the strait, while a drop or little movement in price would likely indicate investors trust Trump’s assurances that the strait remains open.
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Further Reading
ForbesIran’s Supreme Leader Vows Revenge For Father After Trump Threatens To Destroy All Of IranBy Antonio Pequeño IVForbesIran Says Strait Of Hormuz Is Closed After Lebanon Attacks—U.S. Denies It’s ShutBy Antonio Pequeño IV