Iran Defiant on Strait as US Touts Higher Gas Prices

Tensions between Iran and the US remain high as a conflict over the Strait of Hormuz continues to escalate. Iranian Deputy Foreign Minister Kazem Gharibabadi stated that the strait will be opened and closed only under Iran's command, and until the US accepts defeat, Iran will enforce its blockade.

The US has responded by urging Americans to accept slightly higher gasoline prices while the conflict with Iran continues. President Trump told a political rally in New York that paying 'a tiny little bit more for your gasoline' is worth ensuring 'a very evil country' does not have a nuclear weapon.

The average US price of a gallon of gasoline was about $4.08 on Friday, up 29% from a year earlier, according to the American Automobile Association. Crude oil futures rose $1 a barrel on Friday, with benchmark Brent futures on track for a weekly rise of 6.0% and West Texas Intermediate 5.4%.