THURSDAY, Peter Schiffeconomist and co-founder ofEchelon Wealth Partnerscalled the war in Iran a foreign policy mistake, criticizing the president’s administration Donald Trump against a backdrop of growing tensions in the Middle East.
Do not “advocate” a land invasion
In a post on X, Schiff expressed his disappointment with the Trump administration’s handling of the war in Iran. “In the absence of a US invasion on Iranian soil and an occupation, it is clear that Iran will win this war,” he said.
He added that Iran’s influence in the Gulf region would increase as a result of the war and that the war had given it “control of the Strait of Hormuz”, which was not the case before.
In the same thread, Schiff expanded on his views. “I’m not advocating an invasion of Iran,” he said, adding that he was against war with Iran from the start. “It’s becoming increasingly clear that this was one of the greatest foreign policy mistakes in American history,” he said.
The war in Iran
Schiff’s comments come as Iran war escalates amid Trump’s meeting with Chinese president Xi Jinping. Trump shared that Beijing had agreed to buy oil from the United States and that Boeing Co. (NYSE:BA) also received an order for 200 planes from Chinese companies following the talks.
Xi also expressed support for U.S. efforts involving Iran, Trump said after the first day of negotiations. Meanwhile, the speaker of the Iranian parliament, Mohammad Bagher Ghalibafcriticized the American Secretary of War Pete Hegsethcalling him a “failed television host.”
UKMTO incidents, oil and gas prices
The United Kingdom Maritime Trade Operations (UKMTO) reported an incident on Thursday, saying a vessel had been seized by “unauthorized personnel while at anchor” near Fujairah, United Arab Emirates. The ship was then “en route to Iranian territorial waters,” according to the incident report.
Furthermore, the national average price of a gallon of gasoline was $4,534 on Thursday, according to data from the Automobile Association of the United States (AAA). The current average price of diesel was $5,667 per gallon. Californians still paid the highest average price, with gas prices above $6.147 per gallon.
Le crude oil West Texas Intermediate (WTI) was trading at $102.6 per barrel at the time of writing, while crude Brent was trading at $107 per barrel, up 1.22%. THE United States Oil Fund (NYSE:USO), an exchange-traded fund (ETF) that tracks WTI, rose 0.17% to $143.25 in after-market trading Thursday.
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