Oil prices up as ceasefire deal expires

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**Nova Sapo** (0:31)
The ceasefire deal between the US and Iran has officially expired. Oil prices are rising.
For Marketplace in Los Angeles, I'm Novosafo. And for Kimberly Adams, good morning. Diplomatic efforts between the US and Iran appear stalled as the temporary ceasefire agreement expires today. Ship traffic in the Strait of Hormuz, which was already at a trickle, is now again essentially halted. And President Trump is telling Americans that higher gasoline prices are the cost for curbing Iran's nuclear ambitions. For more Marketplaces, Henry Epp joins me now live. Good morning, Henry.

**Henry Epp** (1:05)
Hey, Nova.

**Nova Sapo** (1:07)
So what's actually happening in the Strait of Hormuz right now?

**Henry Epp** (1:10)
So according to the data from Kepler, just five ships passed through the Strait on Saturday, none yesterday. That's compared to 31 passages the weekend before.
CNBC reports traffic through the Strait is now at its lowest level since May. But there's also reporting by Bloomberg, which indicates that a few million barrels a day is covertly getting through the Strait. These are so-called dark ships with their transponders off that are ferrying oil through the passage and onto tankers in the Gulf of Oman on the other side. So while oil prices have risen lately, up about 5% in the past week, this workaround could be one of the reasons we're not seeing prices spike even higher.

**Nova Sapo** (1:48)
Prices at the pump now are averaging about $4 a gallon. Give us some perspective on that, Henry. How much higher than usual?

**Henry Epp** (1:55)
It's a good bit higher than usual. About 29% higher than this time last year. And AAA says we're so far seeing the highest gas prices in August on record. Meanwhile, President Trump told a crowd at a rally in New York on Friday that Americans should get used to paying more for gas, that it's worth it to avoid Iran gaining a nuclear weapon. And also in that speech, Trump claimed that once the US defeats Iran, he'll declare the Strait of Hormuz a territory of the United States. Iran's foreign minister, meanwhile, posted on Twitter that, quote, this strait will be opened and closed only under Iran's command.

**Nova Sapo** (2:27)
Marketplace is Henry up. Thank you.

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**Nova Sapo** (4:19)
Tribal casinos are a $46 billion industry, almost three times the size of the casino revenues in Vegas and Reno.
North American tribes rely on the money they make from gambling operations to pay for health care, education, and housing. But a key vacancy in Washington is adding uncertainty to their financing model. Savannah Peters, reporter with the Associated Press, has been watching this and joins me now. Hi, Savannah.