US intercepts Iranian attacks as Tehran weighs peace proposal
Gas prices have reached a national average of $4.55 as the U.S. awaits Iran’s response to a proposal to end the war and reopen the Strait of Hormuz.
The U.S. military says it intercepted “unprovoked” Iranian attacks on three Navy ships in the Strait of Hormuz and responded with “self-defense strikes” on Iranian military facilities.Iranian forces launched multiple missiles, drones and small boats as the USS Truxtun, USS Rafael Peralta and USS Mason were going through the strait, according to CENTCOM. The military said no ships were hit.The latest military exchange comes as Iran says it is reviewing a reported U.S. peace proposal aimed at ending the war and reopening the Strait of Hormuz. Iran has said it will respond to the proposal through Pakistani intermediaries.Meanwhile, gas prices in the United States have risen to a national average of $4.55 per gallon, the highest since July 2022, according to AAA. President Donald Trump said earlier this week, “Now, when this war ends, gasoline and oil and everything, it’s going to come tumbling down,” Trump said.But experts say gas prices are unlikely to drop quickly, even if the war were to end immediately. “I don’t think we’ll see gasoline prices, you know, get to the downside until the fall,” said Ed Hirs, a lecturer at the University of Houston and an oil and gas expert.While oil prices can react quickly to headlines, gas prices depend on actual supply. Millions of barrels of oil have been stuck on tankers in the Strait of Hormuz since the war began, creating a significant supply disruption.”We were exporting, over this past month, more oil and refined products than we produce, and so we’re going to be running as much higher prices, even if peace breaks out today,” Hirs said.The current price shock at the pump is reminiscent of the start of the Ukraine war, but gas prices are rising faster and higher compared to that crisis.
The U.S. military says it intercepted “unprovoked” Iranian attacks on three Navy ships in the Strait of Hormuz and responded with “self-defense strikes” on Iranian military facilities.
Iranian forces launched multiple missiles, drones and small boats as the USS Truxtun, USS Rafael Peralta and USS Mason were going through the strait, according to CENTCOM. The military said no ships were hit.
The latest military exchange comes as Iran says it is reviewing a reported U.S. peace proposal aimed at ending the war and reopening the Strait of Hormuz. Iran has said it will respond to the proposal through Pakistani intermediaries.
Meanwhile, gas prices in the United States have risen to a national average of $4.55 per gallon, the highest since July 2022, according to AAA.
President Donald Trump said earlier this week, “Now, when this war ends, gasoline and oil and everything, it’s going to come tumbling down,” Trump said.
But experts say gas prices are unlikely to drop quickly, even if the war were to end immediately.
“I don’t think we’ll see gasoline prices, you know, get to the downside until the fall,” said Ed Hirs, a lecturer at the University of Houston and an oil and gas expert.
While oil prices can react quickly to headlines, gas prices depend on actual supply. Millions of barrels of oil have been stuck on tankers in the Strait of Hormuz since the war began, creating a significant supply disruption.
“We were exporting, over this past month, more oil and refined products than we produce, and so we’re going to be running as much higher prices, even if peace breaks out today,” Hirs said.
The current price shock at the pump is reminiscent of the start of the Ukraine war, but gas prices are rising faster and higher compared to that crisis.
