United States fuel prices surge amid Hormuz closure

 

Gasoline prices in the United States have risen by $1.16 per gallon since the 2026 Iran war began, as the effective closure of the Strait of Hormuz restricts global oil and liquefied natural gas flows. Brent crude climbed a further 10% to 13% this week to around $80–$82 per barrel,...

United States stocks trade at historic valuation extremes

 

United States financial markets are flashing prominent valuation warnings as the S&P 500 Shiller CAPE ratio climbs to 40, a level previously reached only in the late 1920s before the Great Depression and in 2000 ahead of the dot‑com bust. The measure, which compares current S&P 500 prices to a...

Teaneck IT giant Cognizant to cut 15,000 jobs

 

Teaneck, New Jersey-based Cognizant Technology Solutions plans to cut between 12,000 and 15,000 jobs worldwide in 2026 under a major restructuring program called “Project Leap,” marking one of the company’s largest workforce overhauls to date. The initiative, reported on May 12, 2026, is designed to shift Cognizant away from traditional...

Washington: Trump rejects Iran plan, oil surges

 

WASHINGTON – U.S. President Donald Trump on Tuesday formally rejected Iran’s latest 14-point peace proposal, calling it “totally unacceptable” and a “piece of garbage,” and ordered preparations for an extended naval blockade of the Strait of Hormuz. The decision puts the fragile ceasefire in place since April 8 at risk...

U.S. Consumer Prices Rise Amid Iran Energy Turmoil

 

Washington — The U.S. Labor Department reported Tuesday that consumer prices rose 3.8% year‑over‑year in April 2025 and climbed 0.6% from March as gasoline prices surged 5.4% for the month amid the 10‑week war with Iran. Labor Department figures showed gasoline up more than 28% compared with a year earlier,...

U.S. Inflation Accelerates in April Amid Mideast Conflict

 

WASHINGTON — U.S. consumer prices rose in April, the Labor Department reported on May 12, marking the largest annual increase in inflation in about three years as energy and food costs climbed. The Consumer Price Index showed monthly underlying inflation acceleration, partly affected by a one-time rent adjustment tied to...

Regional gas prices rise amid oil-market volatility concerns

 

United States. Gas prices increased across several regions this week, with GasBuddy and AAA reporting weekly and month-over-month gains on Monday. South Carolina's average rose to $4.11 per gallon, Rochester averaged $4.54, Michigan $4.73, Peoria $4.94, and Illinois registered among the highest statewide averages near $4.99. This week’s rises followed a...

Administration Considers Temporary Suspension of Federal Gas Tax

 

Washington — This week the administration said it supports pausing the federal gas tax temporarily to provide relief at the pump, with the energy secretary making the comment on Sunday and President Trump repeating the intent in a Monday CBS interview; officials cited national averages near $4.52 per gallon and...

United States commuters face steep fuel cost surge

 

U.S. gasoline prices have risen sharply since late February, placing significant financial strain on drivers with long commutes or driving-based jobs. Average regular gasoline climbed from $2.98 per gallon on February 28, when the Iran war began, to $4.56 per gallon by May 7, a 53% increase, according to AAA....

United States policymakers warn inflation may delay cuts

 

Federal Reserve officials signaled at their June policy meeting that interest rate cuts are unlikely until they gain greater confidence that inflation is moving sustainably toward the 2 percent target, according to minutes released Wednesday. Participants warned that if inflation stays elevated or rises, additional rate hikes could be needed,...