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U.A.E. Iran Conflict Escalates Amid Economic Pressures

Wall Street Journal US Business •
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The Wall Street Journal reveals the U.A.E. has conducted secret attacks on Iran, casting the Gulf monarchy as an active combatant despite being Iran's biggest target. An April strike hit an Iranian oil refinery on Lavan Island. The U.A.E. Ministry of Foreign Affairs declined comment but referenced previous statements asserting its right to respond militarily to hostile acts. President Trump described the U.S.-Iran cease-fire as on "massive life support."

Facing rising gasoline prices averaging $4.50 per gallon, President Trump suggested pausing the federal gas tax. The current price marks a significant increase from $3.14 a year ago. Sen. Josh Hawley (R., Mo.) plans to introduce legislation to suspend the 18 cents-per-gallon tax, though congressional approval would be required. Democrats have endorsed similar measures as consumers brace for even higher prices in California.

The administration plans to loosen regulations for U.S. cattlemen and direct the Small Business Administration to increase loans for ranchers. Ground beef prices have surged 40% over five years as herds reached 75-year lows while consumer demand remains strong. These market interventions come as food inflation concerns grow amid broader economic pressures affecting American households and businesses.