1 of 2 | The Thai-flagged cargo ship Mayuree Naree caught fire after being hit by Iranian missiles in the Strait of Hormuz, Iran on March 11. Photo courtesy of the Royal Thai Navy/EPA
Iran informed the United Nations that it is willing to allow passage to non-hostile vessels through the Strait of Hormuz as oil prices eased Wednesday.
The letter passed through the U.N. International Maritime Organization on Tuesday and was dated March 22.
President Donald Trump said again on Tuesday that the United States is in negotiations with Tehran on ending the war. The United States shared its 15-point plan for ending hostilities, yet Iran continues to deny having any direct talks with the president or other U.S. officials.
“They’re talking to us and they’re talking sense,” Trump said in the Oval Office on Tuesday.
The United States’ proposal for ending the war was shared through Pakistani officials to leaders in Iran.
The oil and financial markets are reacting to talks of a potential end to the war with the price of Brent crude oil falling by about 5% to $99 per barrel on Wednesday. West Texas intermediate crude fell for the second consecutive day.
S&P 500 futures were up about 0.6% on Wednesday morning, though they remain about 5% lower than a month ago.
International markets are also showing some recovery. On the Tokyo Stock Exchange, the Nikkei index increased by about 2.9% and South Korea’s Kospi index climbed 1.6%. European stock markets jumped about 1%.
For U.S. consumers, gas prices continued to climb. The national average increased slightly on Wednesday, reaching $3.98 per gallon. It is a 34% increase since the beginning of the war.
This week in Washington
President Donald Trump presents the Commander in Chief’s Trophy to the Navy Midshipmen football team during a ceremony in the East Room of the White House on Friday. The award is presented annually to the winner of the football competition between the Navy, Air Force and Army. Navy has won the trophy back to back years and 13 times over the last 23 years. Photo by Bonnie Cash/UPI | License Photo
