Trump hints at potential Iran deal amid ongoing negotiations
Fox News chief foreign correspondent Trey Yingst reports on the rescue of a downed F-15E airman in Iran as negotiations between the U.S. and Tehran remain ongoing. Brig. Gen. John Teichert (Ret.) provides analysis on ‘The Sunday Briefing.’
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Few places on the planet matter more to the global economy than the Strait of Hormuz.
That’s why President Donald Trump has given Iran until Tuesday to allow all vessels through the key waterway — or face strikes on critical infrastructure, as fuel costs climb worldwide.
In a profanity-laced post on Truth Social, Trump wrote on Sunday: “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the F—–’ Strait, you crazy b——-, or you’ll be living in Hell – JUST WATCH! Praise be to Allah.”
“Tuesday, 8:00 P.M. Eastern Time!” he wrote in a second post.
Trump also said he will hold a press conference at the White House on Monday alongside military officials.
SAN FRANCISCO BECOMES FIRST US CITY WHERE DIESEL PRICES TOP $8 A GALLON
A satellite image shows the Strait of Hormuz, a key maritime passage connecting the Persian Gulf to the Gulf of Oman and vital to global energy supply. (Amanda Macias/Fox News Digital)
At just 21 miles wide at its narrowest point, the waterway between Iran, Oman and the United Arab Emirates is one of the world’s most critical energy choke points. It carries roughly 20 million barrels of oil a day, along with about one-fifth of global liquefied natural gas.
It’s also a key artery for refined fuels. The Middle East exports about 1.1 million barrels per day of jet fuel — roughly 15% to 17% of global consumption — according to Jaime Brito, executive director of refining and oil products at OPIS. Much of that supply moves through the Strait of Hormuz.
The escalation is already sending oil, gasoline, diesel and jet fuel prices sharply higher worldwide.
As of April 5, the national average for regular gasoline stood at $4.11 per gallon, according to AAA — up 86 cents from a month earlier. On the West Coast, drivers are seeing the highest costs, with prices reaching $5.92 per gallon in California and $5.37 in Washington.
WHERE GAS PRICES ARE RISING FASTEST AS TRUMP ISSUES FRESH WARNING TO IRAN
On the East Coast, gas prices are exceeding $4 in several areas, including $4.27 in Washington, D.C., and $4.06 in New York.
In the Midwest, Illinois stands out at $4.29 per gallon, while much of the region remains in the mid-$3 range. Southern states remain cheaper overall, though prices are rising. Texas and South Carolina are averaging $3.82, while Florida is higher at $4.20.
Diesel has climbed to $5.61, up about $1.45 over the past month. As a key fuel for freight, shipping and public transportation, it is especially sensitive to supply disruptions.
Diesel surpassed $5 for the first time since December 2022, according to data compiled by AAA. (Rebecca Noble/Bloomberg via Getty Images)
In San Francisco, prices have surged even higher. For the first time on record, average diesel costs have surpassed $8 per gallon, according to GasBuddy — an unprecedented milestone for any U.S. city.
Additionally, jet fuel prices in the U.S. have more than doubled in a matter of weeks as Middle East tensions squeeze supply.
THE UNLIKELY TOOL TRUMP IS EYEING TO TACKLE RISING OIL PRICES AMID THE IRAN CONFLICT
Prices jumped from about $2.11 in January to $4.88 per gallon by April 2, according to the Argus U.S. Jet Fuel Index, a daily benchmark tracking prices in Chicago, Houston, Los Angeles and New York.
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Jet fuel — one of airlines’ largest expenses — is especially volatile due to thin inventories, specialized storage and limited spot trading. That can amplify price swings when supply tightens.
Airlines have warned that inventories could run dry within weeks, raising the risk of higher airfares and flight cancellations.
