On May 20, President Trump announced that Iran is eager to finalize a peace deal and indicated that the current discussions are nearing completion, which caused a short-lived dip in oil prices before they bounced back amid ongoing uncertainties. Iran has stated it is evaluating the US's recommendations, which aim to formally conclude the conflict while leaving pivotal issues regarding nuclear enrichment and navigation through Hormuz unanswered. Brent crude remains priced above one hundred dollars a barrel. Trump has proposed halting the federal gas tax to provide relief for US drivers. Experts suggest that a comprehensive agreement that fully reopens the Strait of Hormuz could lead to a decrease in fuel costs by as much as twenty percent in just a few weeks.
