Trump: No U.S. Talks Planned with Iran Amid Regional Tensions

Why it matters locally: The rise in global oil prices following President Trump's statement could impact fuel costs for South Dakota consumers and agricultural operations, which rely heavily on transportation.

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WASHINGTON – President Donald Trump stated Friday that the United States has no scheduled talks with Iran. His remarks occurred as tensions persist regarding the Strait of Hormuz, a critical oil shipping route. Global oil prices climbed following President Trump's statement. Prices reached their highest point since July. The increase coincides with ongoing uncertainty about a resolution in the region and the expiration of a memorandum of understanding concerning Iran's nuclear program. President Trump's administration withdrew from the 2015 Iran nuclear agreement in May 2018. This action reimposed sanctions on Iran, leading to renewed economic pressure.