Finance
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Only five ships crossed the Strait of Hormuz Thursday, far below Iran’s pledge as negotiations begin
Only five ships moved through the Strait of Hormuz on April 9 during the ceasefire agreement between Iran and the U.S. and Israel, according to S&P Global Market Intelligence data. That number of ships, three tankers and two other vessels, is significantly below the “minimum of fifteen” ships Iran had promised would pass through the
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Americans hate the economy so much, they’re buying $22 smoothies
Americans are skipping restaurant dinners, delaying car purchases and scouring for grocery deals. Amid tariff anxiety and broader stress over affordability, consumer confidence has dropped to levels not seen in over a decade, according to The Conference Board, a business think tank. At this point, it’s wealthier consumers who are powering the bulk of spending
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Jet fuel supply disruptions are comparable to 9/11 and could take months to replenish even if Hormuz Strait is reopening, airline trade group warns
The Iran war caused oil prices to skyrocket by up to 70% in just weeks, but it will take a matter of months before jet fuel prices return to their pre-conflict levels, warned the head of the International Air Transport Association (IATA) representing global airlines. Jet fuel makes up 27% of an airline’s operating budget,
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A global food emergency: Why the closed Strait of Hormuz puts half the world’s calories at risk
The global energy crisis caused by the closure of the Strait of Hormuz is only the beginning of the economic cost of the war with Iran. I study how institutions affect businesses and supply chains, and I expect food prices to rise next, with high prices lasting even after whatever point hostilities end. Along with
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Mark Cuban admits he made a mistake letting go of the Mavericks: ‘I don’t regret selling. I regret who I sold to’
Mark Cuban built his nearly $10 billion fortune on bold bets. The former Shark Tank star and founder of Cost Plus Drugs bought the Dallas Mavericks in January 2000 for $285 million from H. Ross Perot Jr. and held onto the team for more than two decades. Cuban was largely involved with the team, and
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Deutsche Bank says China is energy ‘winner’ in age of war
As war injects extreme volatility into oil and gas markets, the global race for energy security is making China stronger, according to Jacky Tang, emerging markets chief investment officer at the private banking arm of Deutsche Bank AG. “China is the winner in this war from an economic standpoint, from an energy mix standpoint,” he
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Goldman flags $100-plus Brent if Hormuz shut another month
Brent crude is set to average more than $100 a barrel through 2026 if the Strait of Hormuz remains closed for another month, according to Goldman Sachs Group Inc. “The situation remains fluid,” analysts including Daan Struyven said in a note after the start of a two-week ceasefire between the US and Iran, noting comments
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Claudia Sheinbaum wants Mexico to start fracking to get away from Trump’s natural gas. But she won’t call it that
Mexican President Claudia Sheinbaum on Wednesday announced plans to tap into unconventional natural gas deposits in an effort to lower her country’s reliance on foreign energy at a time when the Iran war is disrupting global energy markets. But Sheinbaum — a scientist and climate expert — notably avoided the term hydraulic fracturing or “fracking,”
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First, Iran and Hormuz, second, China and Taiwan? The dangerous implications of a tollbooth on the open sea
To end the war with the United States and Israel, Iran is demanding the right to collect tolls in the Strait of Hormuz as a precondition for reopening the waterway vital to world oil supplies. Yet collecting tolls in the strait would violate a basic and enduring principle of international maritime trade: freedom of peaceful
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‘Every time you see that power bill, you’re just sick’: Meet a West Virginian whose $900 electric charge is more than her fixed income
Every month, Rebecca Michalski takes a deep breath before opening her electric bill. She lives on a fixed income, and heating her small house this winter has been staggering: Her February charge was $940.08 — more than her check. It makes no sense. She turns the lights off during the day and only burns one