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Trump Rejects Iran Proposal, Oil Prices Poised for New High

Guavy AI Editorial Team
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US-Iran tensions are on the rise after President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz. Trump believes that the US is winning because Iran is unable to export its oil, while Gulf allies are doing it.

Iran has intensified attacks on shipping in the region, making a disruption at the Strait more likely. This tightens global supply and could push WTI crude prices back toward their prior month's highs as risk premium rises.

The Trump administration is considering actions to lower diesel prices, including banning exports, which experts believe will boost prices over time. The average gasoline price has jumped to $4.56, while the average diesel is trading at $6.50.

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