US-Iran deal moves forward as Virginia gas prices fall

[00:00:00]update on big news from over the weekend. Now, this is obviously a story that we cover every single week, and that is the war in Iran, and especially the progression towards hopeful and permanent peace in the war in Iran. The continued negotiations. Now, what we have seen become a pattern is that there is optimism in negotiations. Typically, President Trump is relatively public about that optimism. We'll even see markets and gas prices or at least oil prices adjust to that optimism, and then things have cratered.

[00:00:32]It's been optimism and then pessimism.

[00:00:34]Optimism and pessimism, and so on and so forth. We've gone and mixed in there have been strikes both, you know, in the water and on land, as well as continued fighting on and off in Lebanon between Israel and Hezbollah, the militant group that is located largely in Lebanon. And so, we want to make sure that we note that pattern, but that there are certain things about this particular version of optimism around an agreement that make it seem a little bit more likely to take hold than when this has happened in the past. For one thing, there has been confirmation from Iran that there is an agreement in place. Often times in the past, United States officials have alluded to being close to an agreement, but there hasn't been strong public confirmation from officials in Iran.

[00:01:24]This case, this time, there has been more of that confirmation from Iran that there is in fact a deal in place.

[00:01:31]Furthermore, there are plans to be physically in Geneva in Friday, officials from both sides, in order to sign the deal. The mediators who have been sort of attempting to be middle men through this entire thing, Pakistan, says that that will be happening Friday in Geneva. That that is the plan. As a part of this deal, there of course, as one of the main sticking points, is plans to open the Strait of Hormuz. That there would be an end to the war and a reopening of the Strait of Hormuz. That of course is news that global markets will be very excited to hear. And global markets did in fact react positively to this latest update. The stock market up as well as the price for a barrel of crude oil down nearly 5% to just over $83. A few weeks ago it was over $100.

[00:02:23]So markets already reacting to this news. Let's go ahead and look at fuel prices right now and then we'll dig back into this possible peace deal. This is throughout the United States and um it's a bit more blue than we were seeing a few weeks ago. You still have sort of those dark red colors on the West Coast and in New York, but you've got more blue than we've seen really in the months of April and May as we move through June here. Let's dig into Virginia first where you do have that light blue and that $3.81 with the rounding up is is your average here. $3.81 which is well below the national average that we have seen. So things looking decent in Virginia. Though in Hampton Roads is where you do see more of those red colors. Hampton Roads and up near Northern Virginia. Virginia Beach is just a hair under $4 here as prices remain relatively high at the beach. But as you move west, Chesapeake a bit lower and then into Suffolk where things are little higher than Chesapeake but still lower in Virginia Beach. Isle of Wight is in the $3.80 range. $3.86 or so. Southampton a bit closer to $4.

[00:03:36]So you see prices elevated. Hampton up near $4 and then Newport News down at $3.86.

[00:03:43]So things are still have elevated from what we saw a year ago, but there certainly has been improvement. James City remains over $4. Let's take a look at North Carolina as well. Let's see how prices are in North Carolina. A bit lower across the board, I do believe. Uh if we go and look through some of these localities. $3.68 on average in North Carolina, which is quite low. Now, that Northeast North Carolina, which is really the viewing area that we serve here at 13 News Now, things still remain up in those red colors. Nearly 390 in Currituck. Nearly 380 in Camden. Um Gates is is a little closer to $4 even. So, prices still up there. Pasquotank, $3.71.

[00:04:29]That's actually quite low in Pasquotank.

[00:04:32]Um closer to that statewide average. So, things are still um still a lot of progress to be made when it comes to getting back to some of those low prices we saw a year or 18 months ago. But, remember, when there is big news or good news that affects global oil prices, it takes a while for that to trickle down to the gas pump here in Hampton Roads.

[00:04:55]So, what you're seeing does not necessarily reflect the good news that we got um over the weekend and the hopeful news that we got over the weekend. Now, this uh deal will not take place until it is signed on Friday. So, the Strait of Hormuz will remain closed from Monday until that deal is signed on Friday. Now, there is still a major sticking point. Well, there are multiple major sticking points. There still is not a concrete resolution as to Iran's nuclear capabilities that we have seen as a part of this deal. Now, this deal does leave room for further negotiation.

[00:05:29]Really, it looks as though it would open the Strait of Hormuz while other things are negotiated on. Um and so, it remains to be seen the other factors of this deal if it becomes a wide-ranging deal for peace. Now, again, back to another major sticking point here. As far as any reporting that we have seen uh Israel is not a part of this deal.

[00:05:51]And the Israeli defense minister said on Monday that his country would not um withdraw from land seized in Lebanon.

[00:05:58]Again, a lot of fighting and a lot of um what has created more distance between Iran and the United States has been the fighting in Lebanon with Israel facing off against Hezbollah. So, Israel saying they will not give the land back that they have seized. Iran previously has insisted that any permanent agreement to end the war would include an end to fighting in Lebanon. So, how that shakes out still remains to be seen. But again, for now for now promising news um and we'll see how the week progresses. And of course, with uh President Trump in France for that G7 summit today with other world leaders, the uh announced agreement late in the weekend certainly will play a role in those meetings. This is the first time that um these leaders have met in person since the war began.

[00:06:47]And perhaps they do so with an end to the war in sight. Um so, that is sort of your uh your update Monday going into the week. We do expect as always for there to be more developments in that situation.