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
Higher U.S. gasoline prices stemming from the Iran war could effectively wipe out the fatter tax refunds many Americans are expected to collect this year, a new analysis found. Economists from the Stanford Institute for Economic Policy Research (SIEPR) estimate that the average U.S. household will spend an additional $740 on gas this year because of the jump … Read more
The molten fireballs and belching smoke over the Middle East early Thursday signaled a dramatic escalation in the Iran war — and its threat to the global economy. Israel launched a widespread strike on Iran’s world-largest gas field, South Pars, triggering retaliation from Tehran against key energy sites across the Gulf Arab states. Like the … Read more
8m ago Stocks slide and oil prices spike as Israeli strike hits “plumbing of the global energy system” Stock prices were down early Thursday and oil prices rose sharply as the U.S.-Israeli war on Iran escalated. Israel’s Wednesday strike on Iran’s South Pars gas field, which is shared with Qatar, and President Trump’s threat … Read more
IE 11 is not supported. For an optimal experience visit our site on another browser. UP NEXT Second graders offer heartwarming marriage advice to their teacher 01:27 One dead after gondola crash at Swiss ski resort 01:16 U.S. college student goes missing in Spain 01:27 Potentially record-setting heat wave scorches western United States 01:46 Women … Read more
IE 11 is not supported. For an optimal experience visit our site on another browser. Now Playing Oil prices surge after attacks on energy sites 02:43 UP NEXT One dead after gondola crash at Swiss ski resort 01:16 U.S. college student goes missing in Spain 01:27 Potentially record-setting heat wave scorches western United States 01:46 … Read more
Gasoline prices in the U.S. jumped on Wednesday, as the Iran war continues to take a toll on energy infrastructure in the Middle East and slow shipping in the Strait of Hormuz. Drivers now pay an average of $3.84 per gallon, up from $2.92 a month ago and the highest level since September 2023, according … Read more
Many voters in Millersburg said they supported Trump on the war. “I think we got to do what we got to do to keep this country safe, so and if it means paying a little bit more in gas right now to keep everybody safe, then that’s what we got to do, and eventually they’ll … Read more
The Federal Reserve’s decision on interest rates Wednesday is all but a foregone conclusion. Traders overwhelmingly expect it to keep rates on hold, a scenario that’s likely to persist for the rest of the year. Instead, it’s how Chair Jerome Powell and policymakers decide to respond to the growing Middle East oil crisis that will … Read more
President Trump on Wednesday issued a 60-day waiver of the Jones Act, a move aimed at lowering energy prices by letting foreign ships move fuel between U.S. ports. The 100-year-old law requires goods shipped between American ports to be carried on ships that are U.S.-built, -flagged and -crewed, and also limits the number of tankers … Read more