Trump Blasts Iran Deal Critics And Touts Market Reaction—U.S. Gas Prices Fall Below $4

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Topline

President Donald Trump lashed out at critics of his deal to end the war with Iran early on Thursday while touting soaring stock markets and falling global oil prices, hours after both he and his Iranian counterpart signed a preliminary agreement to reopen the Strait of Hormuz and end hostilities.

President Donald Trump gestures as he leaves the stage after a media conference at the end of the G7 summit.

Key Facts

In a post on Truth Social as he flew back from the G7 Summit in France, the president described his critics as “fools” for thinking he has not been “tough enough on Iran.”

The president then touted the stock market hitting a “RECORD HIGH” and said global oil prices were “tumbling” before he dismissed people questioning the deal as “either jealous, bad people, or stupid.”

The post was made hours after Trump signed a copy of a memorandum of understanding to end the Iran war and reopen the Strait of Hormuz in Versailles.

What Do We Know About U.S. Gas Prices?

According to AAA’s tracker, the national average gas price fell to $3.99 per gallon on Thursday, dropping below the $4 mark for the first time in more than two and a half months. Prices at the pump soared past the $4 mark for the first time at the end of March and topped $4.50 per gallon last month, driving up inflation. Despite the decline, the average price remains more than $1 above pre-war levels.

How Have The Global Oil Prices Reacted To The Deal?

The global benchmark Brent Crude Futures fell to $77.8 per barrel on Thursday, down from around $94 at the start of this month. The price still remains slightly elevated above the pre-war level of around $70 per barrel.

tangent

U.S. stock futures also soared on Thursday after the interim deal went into effect. The benchmark S&P 500 futures rose nearly 0.9% to 7,558.50 points while Dow futures jumped 0.5% to 52,202 points. The tech-heavy Nasdaq saw the biggest bump, rising more than 1.5% to 30,456.50 points.

key background

Since Trump first announced the peace deal on Sunday, it has come under criticism from all sides, including several Democrats who opposed the war and Iran hawks and conservatives who backed Trump on the conflict. At first critics blasted the lack of details about the deal and then the criticism shifted towards elements of the agreement itself. Sen. Bill Cassidy, R-La., who was primaried by a Trump endorsed candidate called the administration’s handling of the war “the worst foreign policy blunder in decades.” Conservative pundit Ben Shapiro, who backed Trump on the war, called said the deal was a “disaster”. Former Trump adviser Steve Bannon criticized the $300 billion fund earmarked to help rebuild Iran’s war torn infrastructure, saying “we can’t get in the business of giving these guys all this money.” Sen. Chris Murphy, D-Conn., tweeted: “What happened here is simple. You lost a war you should have never started and surrendered on Iran’s terms. War opponents can be glad the war is over and also point out that this insane deal is a final proof point that the whole war - that you cheerled - was a total calamity.”