Brian Greenhill, a University at Albany Professor who researches international relations, weighs in on the war with Iran. (WRGB FILE)
Albany, NY (WRGB) — President Trump’s agreement to a two-week ceasefire deal appears to be having an immediate impact on the market. According to the AP, U.S. crude oil futures fell more than 15%. Futures for the S&P 500 were up 2.2% as of 8:05 p.m. ET, while Dow futures rose 930 points or 2%.
Brian Greenhill, a University at Albany Professor who researches international relations, said Iran’s geopolitical position as a major contributor to oil commerce is a reality that President Trump will have to confront.
“Unfortunately, the geographic position of Iran, vis-à-vis the Strait of Hormuz, is such that so much of the world is heavily dependent on it,” Greenhill said. “I think for that reason, past presidents have been very careful in trying to or have resisted attempts by presidents or questions by presidents about possibly going to war against Iran.”
The ripple effects of the war involving Iran have also been seen in the Capital Region. AAA reported that average gas prices at the pump have exceeded $4 a gallon within the last week.
CLICK HERE to compare gas station prices in the Capital Region.
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