Higher Oil Prices Could Put the Fed in a Bind as Labor Market Softens
Investors now expect that the Fed will delay a rate cut until September instead of July, as they had before the war in Iran began.
Investors now expect that the Fed will delay a rate cut until September instead of July, as they had before the war in Iran began.
The volatility in energy markets because of the war in Iran could not come at a better time for President Vladimir V. Putin.
The Gulf conflict has led to higher fuel prices, and the cost of operating a plane has sharply increased. For travelers, that likely means higher fares.
The price of jet fuel and diesel has surged since the war in Iran began, which could force airlines and trucking companies to pass on higher costs to their customers.
Pakistan, Iran’s neighbor, has been striving to remain neutral in the conflict. But its government and military have been forced to act to protect its economy.
The president said the U.S. could accompany tankers through the Strait of Hormuz if necessary to keep oil flowing. “We’ve already won in many ways, but we haven’t won enough,” he said.
Oil prices and stocks initially swung wildly, and Iran’s foreign minister promised “surprises,” calling the strikes against his country “Operation Epic Mistake.”
Oil prices and stocks initially swung wildly, and Iran’s foreign minister promised “surprises,” calling the strikes against his country “Operation Epic Mistake.”
Finance ministers for the seven industrialized countries met on Monday and said they would consider releasing oil from reserves but were not ready to do so now.
The global oil benchmark topped $100 a barrel late Sunday, putting Republicans on the defensive on an issue at the center of this year’s midterm elections.