If you’ve been watching the price at the gas pump lately, you’ve probably felt that pinch in your wallet. This week, oil costs climbed higher after Iran flatly denied any talks with the United States, shattering hopes that the fighting in the Middle East might ease up soon.
Just days earlier, things looked different, now the uncertainty is back, and markets are feeling it. It started when President Donald Trump said the two sides had made real progress in behind-the-scenes discussions. He even delayed planned strikes on Iranian power plants for five days, thinking a deal could come together fast. Oil prices dropped sharply on that news, giving drivers a quick breather. But Iran’s leaders pushed back hard. They called the reports fake and insisted no direct negotiations had happened at all. Their parliament speaker even posted online that the whole story was just a scheme to manipulate markets.
This matters a lot because the Middle East is a huge source of the world’s oil. Any worry about ships getting stuck in the Gulf or energy facilities getting hit sends prices bouncing around.
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