Gas prices drop slightly as Trump vows military blockade on Iranian ports

Added: 2026-05-05

[00:00:01]This morning after negotiations fell apart with Iran, Vice President J.D.

[00:00:05]Vance on Fox News sharing what comes next. The big question from here on out is whether the Iranians will will will have enough flexibility, whether the Iranians will accept the critical things that we need to see in order for things to get done. A source familiar with the negotiations tells ABC News the US proposed a 20-year minimum suspension on Iranian uranium enrichment rather than a permanent end, adding the administration also suggested, quote, all kinds of other restrictions, but didn't elaborate. The New York Times reports Iran only agreed to suspend enrichment for up to five years, which President Trump reportedly rejected. The White House has not responded to questions from ABC News about the Iranian proposal or the president's reaction to it. After the peace talks broke off, Trump ordered a US naval blockade of Iranian ports. We have a blockade. Iran is doing absolutely no business, and we're going to keep it that way. The move has led to a major showdown in the Strait of Hormuz, whose ship traffic has dramatically reduced since the war began, surging global energy prices.

[00:01:10]Today, oil prices are hovering around $100 per barrel. The average gas price in the US is 409. The president suggests they may stay elevated for months. So, do you believe the price of oil and gas will be lower before the midterm elections? I hope so. I mean, I think so. It could be It could be or the same or maybe a little bit higher, but it should be around the same. I think this won't be that much longer.

[00:01:36]Israel and Lebanon are scheduled to hold talks in Washington today hosted by Secretary of State Rubio. Israel's offense on Lebanon and Iranian-backed Hezbollah targets have so far killed more than 2,000 people, according to the country's health ministry.

[00:01:51]Christian Cordero, ABC News, Washington.