Energy prices are likely going to be a big focus at the Federal Reserve’s Open Market Committee meeting next week. That's because rising energy costs could push up inflation overall — or, they could slow economic growth.
New data shows natural gas prices in the U.S. up 10.9% compared to the same time last year. That increase is largely due to a colder winter and higher demands for electricity.
The new routes will take longer, and some shipping companies are adding a surcharge to compensate for the additional risk, as well as the extra fuel and labor.
Around 20% of the world's oil passes through the Strait of Hormuz, off the coast of Iran. Oil prices are higher today because of how a potential U.S. intervention could limit oil supply.
Shadow fleets, groups of tanker ships used by sanctioned nations like Iran and Russia to move oil, comprise an estimated 17% of all international tankers, according to an Allianz report.
