Gas prices reach highest level since October 2023 as oil holds above $100 per barrel; US stocks jump
NY Post
Brent crude oil held above $100 per barrel on Monday, pushing national average gasoline prices to their highest level since October 2023 as President Trump urged allies to help protect oil tankers from Iranian attacks in the key Strait of Hormuz.
As the US pressed hard to reopen the conduit, the Dow Jones Industrial Average rose about 550 points, or 1.2%, as of 10:15 a.m. Eastern Time and the S&P 500 and Nasdaq went up 1.3% and 1.5%, respectively. The gains came after steep losses last week.
Iran’s shutdown of the Strait of Hormuz — a critical Persian Gulf chokepoint that typically sees 20% of the world’s oil supply pass through — has resulted in the largest oil supply disruption in history. Oil benchmarks have soared more than 40% since the Feb. 28 start of the war, with Brent hitting $102.27 and West Texas Intermediate crude at $94.36 on Monday.
National average gasoline prices notched $3.72 on Monday, their highest level since October 2023, according to AAA, while diesel jumped to $4.99 – threatening to hammer the trucking industry and send prices higher on food, apparel and other retail goods.
Prices could soon surge even higher since gasoline demand tends to spike around spring break, as temperatures warm up and more drivers hit the road, according to AAA.
Trump, meanwhile, has hinted at additional strikes on a vital Iranian oil hub that could further disrupt global supply and prices, after saying US attacks on Kharg Island over the weekend targeted military infrastructure, not energy equipment.
US stocks were little changed on Tuesday as oil prices dropped after President Trump signaled the war in Iran will be limited – though the drop slowed after the White House walked back a claim that an oil tanker had been escorted through an Iranian energy chokepoint.
After nearly 50 years in Orange County, Yamaha Motor Corp. USA is packing up its headquarters — trading Cypress, California for Kennesaw, Georgia in a sweeping corporate shift that will impact about 250 workers.The motorcycle and motorsports giant says the move is part of major “structural reforms” meant to boost profits as costs climb — including pressure from tariffs imposed during the administration of President Donald Trump and shifting market conditions.
Southern California’s luxury shopping landscape is shrinking as three high-end department store locations prepare to shut their doors.
Stocks went on a rollercoaster ride Monday — with the Dow finishing in positive territory on upbeat comments from President Trump after plunging nearly 900 points on simmering stagflation fears.
Private equity firm KKR is working with advisers on a sale of data center cooling company CoolIT Systems for a price tag potentially exceeding $3 billion, the Financial Times reported on Sunday, citing people familiar with the matter.
John Tatum is one of the most plugged-in businessmen I know, and yet when the bombs started flying over his hotel room in downtown Doha — just a few minutes from the embattled US military facility in Qatar — he was stranded and helpless.
Morgan Stanley’s surprise round of layoffs this past week was the result of “shifting business and location priorities,” and “individual job performance” issues here and abroad, according to the firm’s flacks.
Saks Global said Friday it was closing 15 more stores as the luxury retailer, which filed for bankruptcy earlier this year, tries to cut losses and focus on more profitable, higher-end locations.
Bars and eateries are adapting to the Ozempic era by offering mini cocktails.
Six Flags Entertainment will sell off seven of its amusement parks in the United States and Canada to EPR Properties, the company announced Thursday.
A pair of baby-faced Goldman Sachs bankers could be fired over flashy photo shoots and interviews they gave for an “unauthorized” spread in a trendy New York magazine, The Post has learned.
Ex-Fox News host Tucker Carlson took a major hit last week when a multimillion-dollar load of his ALP nicotine pouches vanished in a hijacking in Los Angeles. Now he’s offering a financial windfall to whoever tracks them down or the people responsible.