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energy and resource

Oil prices climb 2.6% after Iran missiles test fragile ceasefire

Illustration accompanying article: Oil prices climb 2.6% after Iran missiles test fragile ceasefire
  • Iran fired missiles at Israel on Monday, marking the first such attack since a ceasefire between the countries and the U.S. took effect in April.
  • Brent crude rose 2.6% to $95.50 a barrel and U.S.-traded crude climbed 2.5% to $92.75 in Asian trade.
  • Iran's Islamic Revolutionary Guard Corps warned the attacks are "the start of a full week of strikes," according to BBC News.
  • President Donald Trump told Axios he will urge Israeli Prime Minister Benjamin Netanyahu not to retaliate, saying he wants to preserve a final deal with Iran.
  • The 17 April ceasefire has been violated repeatedly by both Israel and Iran, the BBC reported.
 3 MIN READ

Boaters feel pinch as fuel costs linger above year-ago levels

Illustration accompanying article: Boaters feel pinch as fuel costs linger above year-ago levels
  • Malik Amine and his brother faced a costly fuel calculation before launching their family's pontoon boat on Portage Lake in Michigan in early June, a calculus shared by recreational boaters nationwide amid sustained high fuel prices tied to the Iran war.
  • A gallon of regular gasoline cost 34% more on Friday, June 5, than the same day a year earlier, according to motor club AAA, while diesel — also used by boaters — was up 53% from a year ago.
  • Boaters from Washington state to Michigan to Ireland reported reducing time on the water and looking for ways to make each gallon go further, according to interviews in the Associated Press report.
  • Households' one-year-ahead inflation expectations, a closely watched measure of whether consumers expect price pressures to persist, stood at 4.7% in early June, according to the University of Michigan's survey.
 4 MIN READ
Illustration accompanying article: Eurozone retail sales fell 0.4% in April as Iran war energy costs bite