US-Iran conflict escalates, global oil market impact

Last night, the United States deployed retaliatory strikes on Iran, putting peace talks in jeopardy. 22 News reporter Nick Antonakis has the latest on the unrest and what it could mean for prices at the gas pump. Tensions are rising in the Middle East after the U.S. launched retaliatory airstrikes on Iran and reinstated sanctions on oil sales. Hours after the strikes, President Donald Trump said that he thinks the ceasefire is over, adding that further engagement is a, quote, waste of time and describing Iran's leadership as sick people, according to News Nation. He announces these ceasefires and then he announces that we're back to bombing and I think it's very hard to follow. This all comes after the U.S. said Tehran attacked three commercial ships in the Strait of Hormuz. U.S. officials say they responded with strikes targeting Iranian air defenses, radars and revolutionary guard boats. Iran retaliated by targeting U.S. military installations in Bahrain and Kuwait. The president has criticized NATO for a war he decided to start and NATO has been reluctant to participate and then he blames them for not participating in the edict that he offered. On top of these recent developments reigniting conflict in the Middle East, the economic impact could be felt right here at home in the form of rising gas prices. So, more recently, gas prices had been going the right way, but today's move up in oil prices will probably reverse that trend. It doesn't happen immediately, but, you know, over the next week or so, I would expect we'll see gas prices start to go the other direction, move up. In addition to the strikes, the U.S. also revoked a license that had allowed Iran to sell oil on the open market, crude oil prices to rise by nearly 6 percent. But will this impact the long term? Traders are anticipating that this flare up will exactly just be that, kind of a temporary flare up and, you know, cooler heads will prevail longer term and things will kind of get worked out and oil will begin flowing again. Despite the interim agreement with Iran coming to an end, President Trump suggested that negotiations could still continue. Working for you, Nick Antonakis, 22 News.