Even if the Iran conflict ended now and the Strait of Hormuz fully opened, don't look for a quick return to pre-war gas prices.
Why it matters: Costlier fill-ups are the most direct and visible economic effect of the war for many Americans, and could sway midterm election races.
President Trump railed against Iran war critics in a series of Truth Social posts, insisting he's under "no pressure" to make a deal with Tehran as peace talks remained in limbo Monday.
The big picture: Ahead of a looming deadline for the ceasefire ending, Trump denied that Israel had dragged the U.S. into the war, saying "Time is not my adversary," for ending it and his eventual deal will be "FAR BETTER" than former President Obama's 2015 nuclear deal.
Oil prices are up around 6% Sunday evening after the weekend brought fresh escalation of the U.S.-Iran conflict.
Why it matters: The jump after international markets opened reverses a large chunk of the sharp decline Friday, when President Trump and Iran's foreign minister claimed the Strait of Hormuz was opening to tanker traffic.
American forces seized an Iranian-flagged cargo ship after it tried to bypass a U.S. naval blockade in the Gulf of Oman, President Trump said Sunday.
Why it matters: It's the first seizure and the first ship fired upon since the U.S. blockade went into effect last Sunday in response to Iran effectively holding the Strait or Hormuz hostage since the war began on Feb. 28.
