Thursday, Peter Schiff, economist and co-founder of Echelon Wealth Partners, labeled the war in Iran as a foreign policy mistake, criticizing President Donald Trump’s administration in the midst of escalating tensions in the Middle East.
In a post on X, Schiff expressed his disappointment with the Trump administration’s handling of the war in Iran. “In the absence of a U.S. invasion on Iranian soil and occupation, it’s clear that Iran will win this war,” he declared.
He added that Iran’s influence in the Gulf region would increase post-war, giving them control over the Strait of Hormuz, which they did not have before.
In the same thread, Schiff elaborated on his views. “I’m not advocating for an invasion of Iran,” he clarified, stating he was against the war with Iran from the beginning. “It’s becoming increasingly obvious that it was one of the greatest foreign policy blunders in U.S. history,” he said.
Schiff’s comments come as the war in Iran intensifies amidst Trump’s meeting with Chinese President Xi Jinping. Trump shared that Beijing agreed to buy oil from the U.S. and Boeing also received an order for 200 planes from Chinese companies after the talks.
Xi expressed support for the U.S.’s efforts involving Iran at the end of the first day of negotiations. Meanwhile, Iranian parliament speaker Mohammad Bagher Ghalibaf criticized U.S. War Secretary Pete Hegseth, calling him “a failed TV presenter.”
The United Kingdom Maritime Trade Operations (UKMTO) reported an incident on Thursday, stating a ship was taken by “unauthorized personnel” while anchored near Fujairah, United Arab Emirates. The ship was later “heading towards Iranian territorial waters,” according to the incident report.
Additionally, the national average price for a gallon of gasoline was $4.534 on Thursday, according to the American Automobile Association (AAA). The current average diesel price was $5.667 per gallon. Californians still paid the highest average price, with gasoline prices exceeding $6.147 per gallon.
West Texas Intermediate (WTI) crude oil was trading at $102.6 per barrel at the time of writing, while Brent crude oil was trading at $107 per barrel, up 1.22%. The United States Oil Fund (USO), an exchange-traded fund (ETF) tracking WTI, rose by 0.17% to $143.25 during Thursday’s after-market trading.
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