Markets take a sigh of relief alongside a pause in U.S.-Iran strikes
by Tom Howell Jr. · The Washington TimesOil prices dropped and stocks rose Monday as the U.S. and Iran entered a significant, if tenuous, pause in fighting in the Middle East.
Brent crude oil price started the week at around $90 per barrel, down from $100 during consecutive days of U.S. strikes in the region, and gas prices remained flat at the start of the week after a lengthy period of daily increases.
The economic breathing room is parallel to a pause in fighting.
Mike Waltz, the U.S. ambassador to the U.N., said President Trump is “giving diplomacy a chance.”
At the same time, Mr. Waltz said Mr. Trump was deploying additional military personnel to the region, and Iran seemed to downplay its eagerness for talks on Monday.
“We will not allow the U.S. to determine the time of war and peace, and we will defend ourselves for as long as necessary,” Iranian Foreign Ministry spokesman Esmaeil Baqaei said.
SEE ALSO: U.S. pauses strikes on Iranian targets for a second day
Mr. Baqaei also condemned Ukraine after its reported attack on an Iranian vessel in the Caspian Sea. Officials in Kyiv said the vessels were carrying supplies in support of Russia’s invasion of Ukraine, though Tehran condemned the move as baseless and unlawful.
Mr. Baqaei said that “the Ukrainian regime must certainly be held accountable.”
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The Iranian-Ukrainian flare-up underscored the unrest in the region, even though the U.S. paused airstrikes after about two weeks of bombing Iranian targets.
Elsewhere, the Saudi military retaliated against Iran-backed Houthi rebels who attacked Saudi ships in the Red Sea and oil facilities.
The U.S. is mulling its next steps as Israeli Prime Minister Benjamin Netanyahu, a key ally in Mr. Trump’s campaign against Iran, arrives in Washington for White House meetings.
“We will discuss all the issues on the table, with Iran at the forefront,” Mr. Netanyahu said on X. “Our goal is clear: to safeguard Israel’s security, strengthen its power, and expand the circle of peace around us.”
SEE ALSO: Waltz: Military action against Iran still on the table even as U.S. strikes on hold
Mr. Netanyahu will also attend a memorial service for the late Sen. Lindsey Graham, a South Carolina Republican and vocal defender of Israel.
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Critics of Mr. Trump’s war on Iran say Mr. Netanyahu talked the U.S. leader into attacking Iran, though Mr. Trump insists he is the one who calls the shots.
For now, all major U.S. stock indexes were set to start the week in positive territory, buoyed by the easing of military tensions in Iran and lower oil prices.
The average U.S. price of gas stood at $4.11 on Monday, unchanged from the previous day but a 38% increase from when the war started on Feb. 28, according to the AAA motor club.
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Tom Howell Jr.
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