Oil prices rose on Tuesday after the United States reportedly carried out strikes on Iran’s Qeshm Island late Monday.
The development came just one day before the US midterm elections.
Rubio said the US president preferred a diplomatic solution rather than using military force, CNBC reported. Higher interest rates can slow economic growth and increase borrowing costs for consumers, but they can also help bring inflation down, CNBC reported. The rise came a day after oil prices fell sharply. Despite the military action, the Trump administration has continued to speak about the possibility of ending the conflict through talks.
Brent and other oil prices dropped more than 7% on Monday after US President Donald Trump and Iranian President signalled that they were open to finding a diplomatic solution to the Iran war.
The officials also said that Washington had carried out limited military strikes against Iran in recent weeks. US Vice President JD Vance told CNN that both he and Trump felt positive about the possibility of reaching a negotiated settlement with Iran. “The president and I both feel really good about the prospect of potentially coming to a negotiated settlement,” Vance said. Last week, two Federal Reserve presidents said interest rates may need to rise to control inflation.
The United States attacked Iran’s Qeshm Island on Monday, US officials told The Wall Street Journal. US Secretary of State Marco Rubio also said on Sunday that Trump wanted to resolve the Iran war through diplomacy.
