The United States will not renew the waivers for Iranian and Russian oil, according to Treasury Secretary Scott Besson.

President Trump's nominee for Federal Reserve Chair, Kevin Warsh, is not expected to be confirmed because Senator Tom Tillis will not vote for him while the Fed is under investigation.

President Donald Trump stated in an interview with Fox Business that he views the conflict with Iran as "very close to over."

In an interview with Fox Business, President Trump predicted that U.S. gas prices could be higher by the November midterms.

The average price for a gallon of gasoline in the U.S. is over $4, largely due to the conflict in the Strait of Hormuz.

President Trump is promoting a policy to make tips exempt from taxes and will travel to Las Vegas, Nevada to tout the policy.

The reported 34 ships transiting the Strait of Hormuz is a higher number than seen over the last six weeks, but remains far lower than pre-war levels.

The U.S. Navy blockade of the Strait of Hormuz, effective at 10 a.m. Eastern time, is intended to prevent any vessels carrying Iranian energy products from passing through.

According to reporting from Axios, the U.S. asked Iran for a 20-year moratorium on its nuclear program, while Iran proposed a single-digit year moratorium.