Sharp spikes in oil prices driven by the campaign against Iran threaten to reignite inflation
The attack on Iran has led to a surge in energy prices at a moment when the cost of living is a major issue heading into the fall elections.
Cheap fuel had been a bright spot for the US economy before tankers stopped moving through the Middle East.
President Trump says surging oil prices are a short-term problem and a worthwhile sacrifice as the war in Iran causes supply concerns in energy markets.
West coast state’s average cost per gallon has climbed $0.55 since the conflict in Middle East began over a week agoMiddle East crisis – live updatesSign up for the Breaking News US newsletter emailThe war in Iran has caused a spike in gas prices that is hitting California consumers especially hard, according to data from the American Automobile…
NBC News correspondents Monia Alba, Allie Canal and Courtney Kube discuss the Trump administration’s plan to address volatile oil prices and the ongoing war with Iran. Jonathan Panikoff, director of the Scowcroft Middle East Security Initiative at the Atlantic Council, explains what to expect from Iran’s new supreme leader.
The conflict in Iran is causing a massive disruption in the global oil supply and sending energy prices skyrocketing. It’s unclear how long the disruption will last — and therefore how long the markets will be squeezed and how high prices will ultimately go. “The absolute disruption of flows through the Strait of Hormuz is…
House Majority Whip Tom Emmer (R-MN) urged calm on Monday after the price of crude oil surged due to fallout from the Iran war. On Monday, crude oil prices climbed to $119.50 a barrel before falling back. They leveled off to hover around $100 per barrel by late Monday morning. Oil prices had not surged…
