Authored by Naveen Athrappully via The Epoch Times,
The national average price for a gallon of regular gasoline declined for three consecutive weeks, dropping from $4.56 per gallon on May 21 to $4.12 per gallon on Thursday.
Lower gasoline prices are “delivering some relief to drivers during the busy summer travel season,” the American Automobile Association (AAA) said in a June 11 statement.
“Gas prices typically peak around this time of year, but uncertainty surrounding the Strait of Hormuz makes this year more unpredictable. Pump prices remain at four-year highs, but the national average is currently far from the record set on June 11, 2022, of $5 per gallon.”
On Friday, prices declined marginally to $4.1 per gallon, which is lower by roughly 40 cents from a month back, according to AAA data. In five states, prices exceeded $5 per gallon—California, Hawaii, Washington, Alaska, and Oregon.
In its statement, AAA attributed the three-week decline to crude oil prices remaining below the $100 per barrel level.
Brent crude oil futures prices shot up after the war began, hitting a high of over $126 per barrel on April 30. Oil was trading at $87.44 per barrel as of 6:50 a.m. EDT on Friday, up from around $72 per barrel on Feb. 27, the day prior to the breakout of the war. Prices have remained below the $100 level every trading day this month.
Iran has repeatedly attacked and threatened commercial ships transiting via the Strait of Hormuz since the war started. The strait is a crucial shipping waterway located south of Iran through which over 20 percent of global seaborne oil trade transits. The disruption of shipments via the Strait has pushed up oil prices.
The conflict between the United States and Iran has intensified in recent days. On June 10, the U.S. military launched new strikes on Iran after it struck an American helicopter in a violation of the ceasefire. Iran then launched attacks against U.S. air and naval assets across Jordan, Kuwait, and Bahrain.
On Thursday, the U.S. Central Command said American forces disabled a third oil tanker that was attempting to carry Iranian oil as part of a maritime blockade imposed on Iran’s ports. Since the blockade came into effect on April 13, U.S. forces have disabled nine vessels in total and redirected 135 ships.
Oil Price ForecastIn a June 11 post, ING Bank said there is “little tangible evidence” of any imminent deal between Washington and Tehran to get energy supplies flowing normally via the Strait of Hormuz.
As such, the oil market is expected to continue tightening, eventually reaching a level where it becomes highly vulnerable to “significant upside.”
“From an inventory perspective, we believe that the end of July could be an inflection point for the market if there is no improvement in energy flows from the Persian Gulf. This could see ICE Brent spike to $120-130/bbl, prompting increased pressure to come to a deal,” the bank said.
“And failing a deal, one can’t rule out the possibility that we get to a point where energy-starved buyers are more willing to pay Iran tolls for safe passage through the Strait of Hormuz.”
The Energy Information Administration (EIA) forecasted in its June 9 Energy Outlook report that oil shipments via the strait may only resume in the third quarter of 2026.
However, even with the resumption of transit, it will likely take several months for the traffic to hit pre-conflict levels, which is not expected to happen until early 2027, the EIA said, adding that Brent crude oil spot prices are predicted to average $105 per barrel in June and July.
Meanwhile, President Donald Trump said on Thursday that a U.S.–Iran deal is close.
“We just made a great settlement of the war with Iran,” Trump said in the Oval Office. “And we’re going to be, subject to finalization of documents, which should get done over the next few days, probably have a signing, maybe in Europe.”
Trump said the deal has been approved by Iranian leader Mojtaba Khamenei.
In a June 11 Truth Social post, the U.S. president said the final points of the deal have been discussed and approved by other parties involved in the conflict, including Saudi Arabia, Israel, the United Arab Emirates, and Qatar.
“The Naval Blockade will remain in full force and effect until this Transaction is finalized,” Trump said.
Tyler Durden Fri, 06/12/2026 - 11:00Authored by Kimberley Hayek via The Epoch Times,
U.S. Park Police and federal officials opened an investigation Thursday after a sizable marking resembling “8647” was etched into the lawn of the National Mall.
The incident occurred amid preparations for major events celebrating the nation’s 250th anniversary of independence.
A Reuters photographer witnessed the marking from atop the Washington Monument before authorities, including members of the National Guard, arrived on scene near the World War II Memorial. The numbers, formed by discolored or browned grass against the surrounding grass, appeared to be massive.
The phrase “8647” comes from the restaurant slang “86,” which means to remove or get rid of, combined with 47 to reference President Donald Trump, currently sitting as the 47th president. Trump allies and the Department of Justice have interpreted the prevalence of the phrase as potential calls to violence as opposed to mere political expression.
An Interior Department spokesperson said in a statement that the act was “deranged vandalism.”
“Any threat against the president is taken very seriously by the Department, and our U.S. Park Police will investigate this incident and hold those responsible accountable,” the spokesperson said.
The U.S. Park Police said the cause of the grass discoloration has yet to be determined, though samples have been taken for testing as part of the continuing investigation.
This latest episode follows a previous high-profile case: the indictment of former FBI Director James Comey on charges related to a social media post in 2025 featuring seashells arranged as “8647.”
“Threatening the life of the president of the United States will never be tolerated by the Department of Justice,” acting Attorney General Todd Blanche said in April this year.
“Over the past year, this department has charged dozens of cases involving threats against all sorts of individuals. We take these seriously, every single one of them.”
Federal prosecutors tied the term to alleged threats against the president. Comey contended that his actions were not intended as such, and he challenged the accusations on free speech grounds.
“A child knows what that meant,” Trump said in May 2025. “If you’re the FBI director and you don’t know what that meant, that meant assassination, and it says it loud and clear.”
The National Mall has hosted recent events such as the “Rededicate 250“ prayer celebration earlier this year, which attracted thousands to the grounds for a meditation on the nation’s founding principles.
Preparations are underway for Independence Day festivities, including military parades, museum exhibitions, and public programs honoring America’s heritage.
Trump has pledged to refurbish the Mall, encompassing efforts to restore features like the Lincoln Memorial Reflecting Pool and plans for the semiquincentennial celebrations, with a “Great American State Fair“ set to begin later this month.
Tyler Durden Fri, 06/12/2026 - 10:20