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.
The head of the International Energy Agency warned that if the Strait of Hormuz doesn't reopen soon, the availability of jet fuel will continue affecting airlines and summer travel.
China had more than a billion barrels of crude oil in reserve when the war in Iran disrupted the market. The country has also spent years diversifying its energy sources and accelerating electrification.
As war in the Middle East disrupts global supply, governments are urging individuals to conserve — even as most energy demand comes from industry and transportation.
