finance
Oil Prices Fall After Trump Cancels Iran Strikes as Six States Raise Fuel Taxes
Brent crude traded near $88–$89 and WTI near $85–$87 after President Trump said a peace deal with Iran was close. Drivers in six states face new or inflation-linked fuel taxes starting July 1.
Jun 13, 5:00 PM·1m read1 source
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U.S. President Donald Trump said a peace agreement with Iran was close and canceled previously threatened military strikes, sending oil prices lower on Friday. Brent crude slipped below $90 per barrel and traded around $88–$89, while WTI fell to roughly $85–$87.
83. 2 cents. 52 a month earlier.
Patrick De Haan, GasBuddy’s head of petroleum analysis, said lower oil costs and improving refinery runs were keeping downward pressure on gasoline prices. He added that the Strait of Hormuz remains effectively closed and global oil supplies continue to tighten. 2 percent in May from a year earlier, the highest annual inflation rate in three years.
Energy accounted for roughly 60 percent of the monthly increase in the Consumer Price Index. Drivers in California, Illinois, New Jersey, Michigan, Maryland, and Mississippi face fuel tax increases or inflation-linked adjustments beginning July 1. U.S. Semiquincentennial on Independence Day.
