In the day following President Donald Trump’s announcement of a two-week ceasefire with Iran, dozens of congressional Republicans released statements of support for the administration’s peace negotiations.
But the lawmakers largely steered clear of one major topic: oil.
Crude prices tumbled following Trump’s Tuesday night announcement that the Strait of Hormuz would reopen as part of the ceasefire agreement. It’s what many Republicans were hoping for heading into the midterm elections.
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But despite the ceasefire, it’s unclear when international oil shipments will return to normal through the Strait of Hormuz, and there’s alarm about Iran gaining more power over a waterway that carries roughly 20 percent of the world’s oil traffic.
