Crude oil prices jumped sharply late Sunday after Tehran accused Washington of shattering a ceasefire agreement that had held since early April. The USS Spruance fired on an Iranian-flagged cargo vessel attempting to breach a U.S. naval blockade near the strait of Hormuz, prompting Iran's military to pledge retaliation.
West Texas Intermediate crude climbed 7.5 percent to $90.17 per barrel by 8 p.m. Eastern time, while Brent North Sea crude rose 6.5 percent to $96.27. The sharp moves reflected growing jitters about energy supplies as tensions escalated in one of the world's most critical shipping lanes.
The strait of Hormuz, through which global oil and liquefied natural gas flow, has been largely inaccessible since hostilities between the U.S. and Israel on one side and Iran on the other began. Sunday's incident marks a significant flashpoint in what has become a tense standoff over access to the waterway.
President Donald Trump announced that U.S. military forces seized the Iranian container ship involved in the blockade-running attempt. Hours later, Iran's state media reported that Tehran has no intention of participating in new talks with the United States, undercutting Trump's announcement that he was dispatching negotiators to Islamabad.
The conflicting moves underscored the delicate and fractious nature of current U.S.-Iran dynamics. Even as Trump signaled a willingness to pursue diplomatic channels, Tehran appeared to be closing doors rather than opening them.
On the domestic energy front, the Trump administration offered a sobering outlook on gas prices. Energy Secretary Chris Wright told CNN's Jake Tapper on Sunday that consumers might not see pump prices dip below $3 a gallon until 2027, though he acknowledged the decline could happen later this year. The extended timeline highlights the administration's pessimism about near-term relief at the pump.
Trump's handling of Iran policy drew criticism from within his own party. Senator John Kennedy of Louisiana, a staunch presidential ally, rebuked what he called Trump's "holy war" with Pope Leo during a Fox News interview Saturday. Kennedy said he loves the president but disagreed with his rhetoric toward the pontiff, who has emphasized a message of peace regarding the Iran conflict.
Pope Leo XIV clarified Saturday that he was not seeking to debate Trump over the U.S. attack on Iran, but that he would continue advocating for peace. The pontiff's measured response suggested an attempt to de-escalate his disagreement with the president.
Beyond Iran and energy markets, the weekend brought tragedy to Louisiana. Police in Shreveport reported a mass shooting that killed at least eight children and wounded two adults in what they characterized as a domestic violence incident. The suspect killed seven of his own children and wounded their mother, as well as killing another child.
Across the country, destructive wind and reported tornadoes damaged homes and buildings over a wide swath of territory, with roofs torn off, trees uprooted, and rural roads blocked by debris. In Virginia, voters appeared divided over an upcoming redistricting vote just five months after electing Democratic Governor Abigail Spanberger and giving her party strong control of the legislature's lower chamber.
Author James Rodriguez: "Trump's pivot to talks while Iran digs in, all while oil jumps and his own allies call him out over the Pope, makes for one of those weekends where the president's foreign policy and domestic contradictions are impossible to ignore."
Comments