President Donald Trump said on Sunday, June 7, that Iran’s missile attack on Israel had damaged peace talks at the worst possible moment — just as, by his account, the two sides were ready to sign. The attack occurred earlier Sunday, when the Israel Defense Forces said it detected missiles launched from Iran toward Israel and activated air-defense systems to intercept them.

In an interview with Fox News chief foreign correspondent Trey Yingst, Trump said the strike would not help the negotiations.

Then he put a timeline on the table. Trump said the sides were very close and that an agreement could be signed Monday, Tuesday or Wednesday of the coming week — until the missiles flew. His message to Tehran was blunt: enough with the missiles, get back to the table and make a deal.

It was a careful balancing act. Trump also faulted Israel’s strikes on Beirut on Sunday, saying he was not happy about them. In other words, he leaned on both sides at once — pressing Iran to stop firing and warning Israel to ease off — because what he wants now is a signature, not a wider war. For American businesses, that posture is the most important signal of the day.

What Triggered It

The attack came earlier Sunday. The Israel Defense Forces said it identified missiles launched from Iran toward Israel and activated air defenses after the Israeli military struck Iran-backed Hezbollah positions in the southern suburbs of Beirut over the weekend.

Iran’s Islamic Revolutionary Guard Corps called the launches a warning and hinted a larger response could follow, according to Reuters. Iran’s parliament speaker, Mohammad-Bagher Ghalibaf, said the Beirut strikes and the U.S. blockade of Iranian ports could draw retaliation.

Why a Deal — or No Deal — Lands at the Pump

Here is why a presidential prediction about a signing date reaches the corner gas station. The war runs straight through the world’s most important oil passage. The Strait of Hormuz carried roughly 20% of the world’s oil before the fighting, and Iran has blockaded it since early March, forcing tankers to seek permission to pass or risk attack. About 20 million barrels a day moved through the strait before the war; analysts at ING estimated in late April that some 14 million barrels a day of supply was being choked off.

That bottleneck stacked a war premium onto fuel. Oil has jumped more than 30% since the United States and Israel struck Iran on February 28.

Prices had started to cool as a deal looked near. Brent crude, the global benchmark, slid to about $92.56 a barrel at the end of May — down nearly 19% on the month, its worst stretch since the Covid-19 pandemic. Then the Gulf flared again. By early June, Brent had climbed back to roughly $97.05, while West Texas Intermediate reached about $94.77, both at one-week highs.

So the math is simple for households. If Trump lands the deal he is promising this week, the blockade could loosen and pump prices could slide into summer. If the missiles keep flying, the premium stays — and it feeds straight into gasoline, trucking, groceries and almost everything that moves by road.

Shoppers are already adjusting. In a report dated Sunday morning, The Associated Press described Americans leaving gas tanks unfilled and trimming extras as retailers watch customers pull back.

The strain runs deeper than crude. ING noted that diesel-type gasoil and jet fuel prices were up roughly 102% and 120% on the year, a squeeze that erased an estimated 1.6 million barrels a day of demand as airlines canceled flights and factories slowed down. Higher jet fuel hits ticket prices; higher diesel hits every delivery truck. The cost lands on companies first and customers next.

The Pressure Back Home

Trump’s rush to sign also answers a Congress that has grown uneasy with the war. The House of Representatives passed a resolution last week urging him to withdraw U.S. forces or get congressional approval to keep fighting. A finished deal would quiet that fight and let him claim he ended the conflict without sending in ground troops.

Meanwhile, the disruption keeps spreading. The war has tangled global travel and trade, grounded flights across the region, and pushed ships to reroute away from the Strait of Hormuz and the Red Sea.

That leaves the week ahead as the test. A signed agreement in the next few days would begin to unwind the oil premium that has squeezed American wallets for three months. Another barrage, and the squeeze holds — right as families gas up for summer.

JBizNews Desk — Washington

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