Trump Says Oil Prices Are Peanuts During Iran Conflict

He stated that the current conflict with Iran involves nuclear weapons and that the mission must continue despite public concerns. The president noted he was one hour from ordering strikes on Iran the previous day but held off due to ongoing negotiations. He added that further strikes remain possible if no peace agreement is reached.

Crude traded at $111.60 per barrel after a 0.45 percent decline, while West Texas Intermediate stood at $104.63 per barrel following a 0.21 percent increase. The national average gasoline price reached $4.533 per gallon and diesel averaged $5.65 per gallon.

A senior administration official told Bloomberg the administration is discussing with Congress a possible suspension of the federal gasoline tax for more than one year. Interior Secretary Doug Burgum said the savings from an 18-cent-per-gallon reduction would accumulate across daily consumption volumes.

Satellite imagery showed oil-soaked waves and footage captured birds and crabs coated in oil. BloombergNEF reported that solar power is projected to surpass coal as a share of global electricity generation by 2032. The forecast showed solar reaching 20.6 percent, coal at 19.8 percent, and natural gas at 19.2 percent that year.

The Environmental Protection Agency announced plans to remove diesel exhaust fluid requirements for farm equipment. EPA administrator Lee Zeldin cited repeated complaints from farmers about equipment shutdowns during planting and harvest seasons. The Senate confirmed 49 presidential nominees for positions including roles at energy and environmental agencies.