Investor Ross Gerber of Gerber Kawasaki on Tuesday reaffirmed his belief that the Iran War has provided a way to switch to alternative fuels, ditching oil.

Alternative Sources More Profitable, Says Ross Gerber

Taking to the social media platform X, Gerber quoted a Barron's post outlining how the challenges posed by the war in Iran could deter global oil demand. "Best news ever," Gerber said, adding that there were alternatives to oil that are "better for earth and more profitable."

The investor also said that the situation showed that the world did not need to rely on an "oil-based" economy. "The future is electric powered by the sun," Gerber said. He had earlier said that the war in Iran presented a "great opportunity" to ditch fossil fuels.

Iran War Challenges, Gavin Newsom's Criticism

Uncertainty looms over peace talks as Trump vowed to deliver a strong response after alleging that a U.S. Apache helicopter was downed by Iran near the Strait of Hormuz, which Iran denies.

"I believe the response should be very strong, very powerful and that's what this one is," Trump said during an interview, also saying that both pilots were safe and accounted for, after being rescued off the coast of Oman.

Gov. Gavin Newsom (D-CA) criticized Trump's handling of the war, saying that the President was not in control of the situation, despite claiming he was, as rising inflation continues with the war past the 100-day mark. The war has also sent container shipping costs surging.

Gas Prices

Meanwhile, gas prices continued to be above the $4/gallon mark, with the national average price for a gallon of gas on Tuesday at $4.1610, according to data by the American Automobile Association (AAA). States like California continued to pay more than $5/gallon, outlining rising costs.

On the oil front, the West Texas Intermediate (WTI) crude commanded a price of $88.8/barrel at the time of writing this article, with the Brent crude oil also surging 0.71% to $92.10/barrel at press time. United States Oil Fund (USO), an ETF that tracks WTI crude, surged 1.06% to $132.69 during the after-hours trading on Tuesday.