Republicans cautious on energy prices despite ceasefire

Many Republicans welcomed the Middle East ceasefire. They're being less vocal about the future of global energy markets.

Sen. John Hoeven (R-N.D.) said the U.S. must pressure Iran to allow the flow of oil through the Strait of Hormuz. | Francis Chung/POLITICO

In the day following President Donald Trump’s announcement of a two-week ceasefire with Iran, dozens of congressional Republicans released statements of support for the administration’s peace negotiations.

But the lawmakers largely steered clear of one major topic: oil.

Crude prices tumbled following Trump’s Tuesday night announcement that the Strait of Hormuz would reopen as part of the ceasefire agreement. It’s what many Republicans were hoping for heading into the midterm elections.

© Politico