economy
Gasoline prices set to go higher after Trump's Iran proposal rejection. Here's how much they can rise
President Donald Trump rejected Iran’s counterproposal to end the war, raising traders’ expectations for a surge in gasoline prices.
TL;DR
- Kalshi traders predict gasoline prices will surpass $5.60 per gallon.
- President Trump rejected Iran's counterproposal to end the war, calling it "TOTALLY UNACCEPTABLE."
- The U.S. ceasefire with Iran is described as being "on massive life support."
- Oil prices rose, with WTI futures up nearly 3% to over $98 a barrel and Brent crude futures up close to 3% to $104.27.
- Iran's counterproposal included demands for sovereignty over the Strait of Hormuz, an end to sanctions, and release of Iranian assets.
- The national average gasoline price is $4.52 per gallon, up 6 cents from last week.
- Trump expressed openness to suspending the federal gasoline tax for a period.
- Congressional Republicans are reportedly supporting the idea of reducing the federal gasoline tax.