Neil Irwin, chief economic correspondent at Axios, joins CBS News 24/7 to break down the jump in oil prices after President Trump announced the U.S. would blockade Iranian ports in the Strait of Hormuz. Source link
Oil prices jumped above $100 a barrel on Monday and U.S. stocks dipped amid concerns about the impact of President Trump’s plan to blockade Iran’s ports and a partial blockade of the Strait of Hormuz, a key chokepoint for oil, fertilizer and other commodities. The price of Brent crude, the international benchmark, jumped $7.15, or 7.5%, to $102.30 … Read more
WASHINGTON — Soaring gas prices are expected to produce a spike in inflation when the government reports consumer prices for March on Friday, likely unnerving the inflation fighters at the Federal Reserve and heightening the political challenges of rising costs for the White House. Inflation probably rose to 3.4% in March compared with a year … Read more
Plus, a judge halts construction of Trump’s White House ballroom, and the splitter is driving MLB batters crazy again. Source link
The U.S. Postal Service is temporarily hiking postage prices to account for surging fuel costs caused by the Iran war, the agency announced on Wednesday. The USPS said it will impose an 8% surcharge on select postage prices, beginning April 26, pending approval by the Postal Regulatory Commission. The extra charge will remain in place through … Read more
NEWYou can now listen to Fox News articles! A group giving a voice to victims impacted by illegal immigrant crime says that more than 300 families who have been the victim of weak border policies are urging members of Congress to support the nomination of Sen. Markwayne Mullin, R-Okla., to serve as Secretary of the … Read more
NEWYou can now listen to Fox News articles! New York Gov. Kathy Hochul became the latest blue-state leader to lament the flight of wealthy tax-paying residents to Republican-led tax havens like Florida, Alaska, Wyoming and Tennessee, calling millionaires who stayed in the Empire State to fund its massive social services net “patriotic.” With Florida Gov. … Read more
NEWYou can now listen to Fox News articles! President Donald Trump’s suggestion that Iranian oil infrastructure could be a U.S. target sent oil and gasoline prices higher on Monday, as traders weighed the risk of a deeper confrontation that could further exacerbate global energy supplies. On Friday, Trump ordered strikes on military assets on Iran’s … Read more
The price of oil jumped more than 8% on Thursday, as the International Energy Agency said the U.S.-Israel war on Iran was “creating the largest supply disruption in the history of the global oil market.” The price of international Brent crude oil rose to more than $100 per barrel, while U.S. crude oil rose above … Read more
The White House said it was also “in constant coordination with the relevant agencies on this important issue.” “President Trump and his entire energy team have had a strong game plan to keep the energy markets stable well before Operation Epic Fury began, and they will continue to review all credible options,” White House spokeswoman … Read more