Rising gas prices could ripple across the economy – CBS News Watch CBS News Higher oil prices are hitting consumers at the gas pump hard. Meanwhile, economists warn they could lead to inflation as financial markets struggle to recover from five weeks of losses. Jason Allen has more. Source link
Surging oil prices continue to ripple through the global economy due to the war with Iran. Now, some analysts are saying the worst could still be ahead as the conflict drags on. The concern is that beyond immediate knock-on effects from rising gasoline prices, the war’s disruption could come in waves — ones that will … Read more
IE 11 is not supported. For an optimal experience visit our site on another browser. Exclusive: Zelenskyy describes Russian intelligence sharing with Iran 01:57 Airport chaos lingers as Congress fails to fund TSA 01:57 Pentagon reports new American casualties from Iran war 01:53 Thousands of ‘No Kings’ protests against the Trump agenda 02:37 Good News: … Read more
The world is now facing price rises and perhaps even shortages for energy and food that are already baked in — and that’s if the conflict ended tomorrow. “The Iran crisis is an epoch-defining event, similar in scale to the fall of the Berlin Wall or 9/11,” believes Peter Frankopan, a professor of global history … Read more
Intensifying violence in the Middle East could send oil prices careening above their all-time high, raising the risk of higher inflation and slower economic growth, experts said. “The biggest hit will be the consumer,” said Ryan Sweet, a chief global economist at Oxford Economics. “To kind of put it into context, every penny increase in gasoline … Read more
With the Strait of Hormuz blocked after the assault by the United States and Israel, Iran has threatened another vital maritime trade choke point: the Red Sea. The Islamic Republic said this week that the 1,400-mile inlet dividing Africa and Asia was fair game for retaliatory attacks because of the presence of the American aircraft … Read more
U.S. diesel prices jumped above $5 a gallon on Tuesday, marking the highest level since December 2022, as the strain on global energy markets from the war with Iran continues to ripple through the American economy. Diesel prices reached $5.04 a gallon, up from $4.78 a week ago and from $3.65 over a month ago, according … Read more
The near shutdown of the Strait of Hormuz is beginning to ripple through the global economy, threatening energy supplies, raising fuel prices, and reshaping geopolitical dynamics. The narrow waterway along Iran’s southern coast is one of the most important shipping lanes in the world. It connects the oil-rich countries of the Persian Gulf to international … Read more
NEWYou can now listen to Fox News articles! ROCKY MOUNT, N.C. — Vice President JD Vance traveled to North Carolina and hosted an event Friday to tout the economy, advocate for Republicans to win elections in the Tar Heel State, and touch on the situation in Iran. Vance was also joined by former RNC chairman … Read more
NEWYou can now listen to Fox News articles! The Cuban government is in talks with Trump administration officials, the country’s president said Friday, as Havana works to halt a potential regime change as it deals with a spilling energy crisis. In a 90-minute news conference broadcast by state media, Cuban President Miguel Díaz-Canel said talks … Read more