Economists Peter Schiff and Robert Reich delivered sharp criticism of President Donald Trump's deal with Tehran to reopen the Strait of Hormuz on Monday, slamming the heightened costs and lives lost in the Iran war.
Peter Schiff Questions Iran Deal In a post on X, Schiff said that Washington and Tehran had reached a "deal to work on a deal," adding that the agreement stipulates a ceasefire and the reopening of the Strait of Hormuz "during the next 60 days." Read Also: Trump Says 'Let The Oil Flow,' But Analyst Warns It's 'Foolish' To Think The Crisis Is Over The Echelon Wealth Partners co-founder then said that the situation was returning to how it was before the war, but said that "lives have been lost, oil is far more expensive, and about $100B has been spent." The U.S. and Iran have a deal to work on a deal.
During the next 60 days, there'll be a ceasefire and the Strait of Hormuz will be open.
In other words, the same situation we had before the war, only lives have been lost, oil is far more expensive, and about $100B has been spent.— Peter Schiff (@PeterSchiff) June 15, 2026 Robert Reich Laments 'Terrible Failure' In a post on X, Reich shared a video of himself expressing disappointment with the agreement.
