Data: Financial Modeling Prep ; Chart: Ben Geman/Axios Oil prices surged about 9% Monday to roughly $83 per barrel after President Trump claimed the U.S. was reinstating a naval blockade on Iran, adding to gains already driven by renewed hostilities over the weekend. Why it matters: Higher oil prices typically feed into higher gasoline prices, potentially pushing the national average back toward $4 per gallon. Context: The average U.S. price was $3.87 per gallon Monday morning, per AAA data , up about 7 cents over the past week but far below the $4.56 per gallon reached in May. Catch up quick: "The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran," Trump wrote on his Truth Social account Monday. - "We are…
Income growth is accelerating — supporting consumer spending — while inflation is rising even beyond the energy-price shock. Why it matters: That combination, shown in new data out Thursday morning, creates a complex reality for Kevin Warsh's young Federal Reserve chairmanship . - It's good news for the economy's underlying resilience, but it raises fresh questions about whether interest rates are exerting as much downward pressure on demand as Fed officials may believe. What they're saying: "The U.S. consumer is not cracking," Olu Sonola, an economist at Fitch Ratings, wrote Thursday morning, adding that the oil price shock has not derailed consumer spending. - "Headline inflation may be nearing a peak as energy prices fall, but…
Rising oil prices and stock market uncertainty follow escalating tensions between the U.S. and Iran, with President Trump issuing a stark warning to Tehran.
PULSE POINTS WHAT HAPPENED: Oil prices climbed to $110 per barrel on Monday as tensions between the U.S. and Iran escalated. President Donald J. Trump warned Iran that time is running out for peace negotiations on Sunday, while Iran has tightened control over the Strait of Hormuz, a critical global oil, liquefied natural gas, and fertilizer transit route. WHEN & WHERE: The developments unfolded over the weekend, with oil market reactions and Wall Street adjustments observed on Monday morning. KEY QUOTE: “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” – President Trump IMPACT: The rise in oil prices is directly affecting American consumers,…Open
President Trump and top lieutenants met with oil and gas execs at the White House on Tuesday to discuss the energy fallout of the Iran war and other topics, Axios has learned. Why it matters: The unprecedented Middle East supply disruption is boosting commodity prices and creating a mix of opportunity and peril for the industry. Driving the news: Among the attendees was Chevron CEO Mike Wirth, a company spokesperson confirmed. - White House chief of staff Susie Wiles, Treasury Secretary Scott Bessent, and envoys Steve Witkoff and Jared Kushner were on hand, per a source familiar with the meeting. The big picture: "The president meets with energy executives frequently to get their feedback on domestic and international energy markets," a…
A large explosion at an oil refinery near the Texas coast on Monday shot plumes of smoke into the air and forced nearby residents to shelter in place, officials said.
Our chief economics correspondent, Ben Casselman, breaks down how gasoline prices have responded to the oil crisis in the Persian Gulf, and what is in store for inflation if the price of oil remains above $100 per barrel.
Oil prices rose over $3 per barrel Sunday in the first major trading since President Trump's threat to strike Iran's main oil export hub unless the regime allows tankers through the Strait of Hormuz. Why it matters: The climb shortly after the markets' opening signals that traders see no major near-term market loosening or end to a conflict that has brought an unprecedented throttling of oil flows. - U.S. gasoline, diesel and home fuel oil prices are slated to see continued increases. Driving the news: The global benchmark Brent crude jumped to over $106 per barrel, over $3 above Friday's close. - It's up about 45% since the U.S. strikes began. - Average U.S. regular gasoline prices are $3.70 per gallon on Sunday, up roughly 70 cents…
Oil prices Monday spiked to levels not seen since Russia invaded Ukraine in 2022 before falling, while prices at the pump jumped nearly 50 cents higher than a week ago.