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The price of oil surged more than 15% Monday, as the effects of the Iran war hit markets worldwide and stoke fresh worries about inflation.U.S.
The U.S. economy could fall into a recession if the price of oil reaches $130 a barrel and stays there, economists at Wells Fargo Securities said Tuesday. The price of oil has whi
Oil prices were falling again early Tuesday after stunning swings in the previous sessions on hopes for a de-escalation in the Middle East.
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 Iran war may impact U.S. consumers far beyond the gas pump, raising inflation expectations and causing an uptick in the yield on the 10-year Treasury note.
Oil prices continue to rise as the Iran conflict escalates, pushing the national gas average above $3.50 per gallon. But prices still vary widely. See how your state compares.
The U.S.-Israeli attacks on Iran have intensified and the conflict has widened, shaking global energy markets.
Shortly after the surge, U.S. President Donald Trump said on Truth Social that "short term oil prices" are "a very small price to pay."
Even if oil prices ease, they won't return to the levels they were at before the war started, according to Patrick De Haan of GasBuddy.
Oil prices have surged this week, raising the price at the pump just as Americans are already struggling with affordability.
The International Energy Agency will hold an extraordinary meeting on Tuesday to discuss a possible release of emergency stockpiles.