Countries that have their own refineries and reserves, and that can afford to pay, are facing high oil and gas prices but not shortages. Other countries can't get what they need and are rationing fuel.
At the outset of the war in Iran, the dollar surged, likely because of the typical “flight to safety” behavior. But more recently, it’s been taking a beating.
JD Vance is expected to travel to Islamabad, Pakistan, on Tuesday for potential negotiations with representatives from Iran, but peace talks are still uncertain as the end of the ceasefire approaches.
Experts say new exploration takes more than a decade from decision to market. Research can cost hundreds of millions of dollars, and development can take tens of billions.
Economists warn that as tax refund season ends and the war in Iran pushes prices higher across more categories, the long-running disconnect between how consumers feel and how they spend may finally start to close.
The war in the Middle East is pushing up inflation in the short term, but longer-term expectations are tamer. That’s relieved pressure on long-term bonds, though that could change if the war escalates.
The trucks and farm equipment that keep our economy moving run on diesel. That means small businesses like farms and pet supply companies have to adjust.
