Finance
U.S. Average Diesel Price Reaches $6.06 a Gallon on Sept. 11, a Nominal Record; California Averages $7.98
AAA's national diesel average topped $6 for the first time in nominal dollars as the U.S.-Iran war, the closure of the Strait of Hormuz and strikes on Russian refineries squeeze global diesel supply; adjusted for inflation, the 2022 and 2008 peaks were higher.
Oil Jumps About 8% After U.S.-Saudi Airstrikes in Iraq, Then Gives Back Part of the Gain
Brent crude settled at $90.74 a barrel on July 29 after joint U.S.-Saudi strikes on Iran-aligned forces in Iraq, as traders weighed threats to Gulf export routes and Iraq's government called the strikes a violation of its sovereignty.
JPMorgan Estimates Mideast Crude Exports at 98% of Pre-War Levels as Saudi Bypass Pipeline Runs at About Half Capacity
Saudi Arabia has brought its East-West pipeline back to roughly 3.5 million barrels a day after a September drone strike, and JPMorgan analysts say regional crude shipments are nearly back to normal, though Brent crude still closed above $100 on Sept. 29 and refined-fuel exports lag behind.
Fed Raises Rates a Quarter Point to 3.75%-4% in a 12-0 Vote, Its First Increase Since 2023; Dow Closes Down 631 Points
The Federal Open Market Committee cited elevated inflation, its updated projections point to one more increase in 2026, and the 10-year Treasury yield closed above 5% as President Trump repeated his call for much lower rates.
Oil Jumps After U.S. Reinstates Iran Blockade and Trump Proposes 20% Hormuz Transit Fee
Crude prices rose sharply as the U.S. moved to blockade Iranian ships near the Strait of Hormuz and President Trump proposed charging a 20% fee on cargo crossing the waterway, a plan the UN maritime agency and shippers call unlawful.
Fed Governor Lisa Cook Answers White House Removal Letter, Saying There Is No Legal Basis to Fire Her
Cook's lawyer replied on August 26 to an August 5 letter from deputy chief of staff Dan Scavino that gave her 21 days to respond to mortgage-fraud allegations; President Trump has not announced a decision.
U.S. 50% Tariffs on About $20 Billion of Canadian Goods Took Effect Aug. 22 After Talks Ended; Carney Sets Sept. 8 Retaliation
Negotiations in Washington broke off late Friday, the suspended Section 338 duties took effect at 12:01 a.m. ET Saturday, and Canada says its matching tariffs begin Sept. 8.
Brent Crude Rises to $84.18 in Third Straight Session of Gains as Hormuz Reopening Talks Continue
Oil gained again on Monday as Iran and Oman said a shipping-route deal was near but warned the Strait of Hormuz would not reopen right away.
BLS Publishes September CPI Report Oct. 14; Economists Had Forecast 3.6% to 3.7% Annual Inflation, Up From 3.4% in August
The consumer price report, the last before the Fed's Oct. 28 decision, arrives with futures markets pricing about a 70% chance of a December rate hike and about an 80% chance of an October hold, and with forecasters split over whether rising gasoline prices are spreading into core prices.
S&P 500 Falls 0.22% to 7,801.77 and Dow Drops 0.66% on Oct. 7, a Day After S&P 500 and Nasdaq Closing Records
The Nasdaq also fell 0.22% and the small-cap Russell 2000 dropped 1.31%. The 10-year Treasury yield touched its highest level since 2002 during the day, then eased after a $39 billion auction.
Paramount's $31-a-Share Takeover of Warner Bros. Discovery Set to Close Oct. 6; Combined Company to Be Named Skydance
A federal judge approved Paramount's settlement with 12 state attorneys general on Sept. 30. David Ellison will be chairman and CEO, and former Mattel chief Ynon Kreiz will be co-CEO.
Seven OPEC+ Producers Hold November Oil Output Targets at 31.01 Million Barrels a Day; Next Meeting Nov. 1
Sunday's decision repeats October's pause after four monthly increases. The group's own August numbers show members pumping far below their targets, while tanker data from late September show Gulf crude exports back near prewar levels.