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Trump ends Iran ceasefire. How is it affecting gas prices?
Posted
July 8, 2026
Views
84,392
Likes
1,061
Comments
632
Engagement
2.01%
July 8, 2026
84,392
1,061
632
2.01%
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9:30Now PlayingAfter President Trump signed the Memorandum of Understanding with Iran on June 18, oil prices tumbled, sinking below pre-war levels by last week.
But three weeks of a partially reopened strait wasn’t enough time to overcome the biggest oil supply shock the world has ever seen. It didn’t offer sufficient time to refill the emergency and commercial stockpiles that the United States needs to supply itself with fuel – and avoid the looming “economic catastrophe” that Trump feared would earn him comparisons to Depression-era President Herbert Hoover.
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