US crude oil futures dropped below $80 a barrel, nearing March lows, following news of a tentative agreement to reopen the Strait of Hormuz. While consumers may see relief at the gas pump within a week, broader price reductions across the economy are not expected immediately due to slower adjustments in groceries and other goods.
A Reuters/Ipsos poll shows President Trump's approval among rural Americans has dropped to 50% from 60% a year ago. Factors cited include rising costs for groceries and gas, impacted by global events and administration policies like tariffs and trade disruptions.
Global oil prices have fallen to a three-month low and stock markets have reached record highs amid optimism that a US-Iran peace deal could resolve the energy supply crisis. Brent crude dropped 4% to $83 as hopes rise for the reopening of the Strait of Hormuz.
Global oil and gas markets have seen prices fall after a US-Iran peace deal was confirmed, potentially reopening the Strait of Hormuz. Brent crude dropped to $83 a barrel and gas prices fell 6%, easing fears of severe economic consequences.
Global oil prices dropped to a three-month low and stock markets rallied amid optimism over a potential US-Iran peace deal that could reopen the Strait of Hormuz and ease energy supply concerns. Brent crude fell below $83 a barrel, while wholesale gas prices declined in Europe.
Energy experts predict it will take months for companies to resume operations and meet global demand due to slow shipping, refining, and uncertainty over safe passage through the Strait of Hormuz. Oil prices slipped following the deal announcement, but remain elevated.
Energy expert Tobias Federico explains how algorithms trading on social media information, including posts by Donald Trump, are causing extreme volatility in gas prices, impacting end consumers. While physical shortages are not expected, price competition may intensify as storage filling begins.
US consumer sentiment rose in June due to easing gas prices, but remains historically low. Despite economic resilience and a strong stock market, many Americans feel financially strained. The sentiment shift, seen across demographics, is expected to influence the upcoming midterm elections.
Gas prices in Amsterdam, a key European benchmark, have fallen sharply, with July futures down 7% to 46 euros per Megawatt-hour. Oil prices also dropped, with New York crude losing 4% to trade below $85 per barrel, influenced by the impending US-Iran deal.
The reference price for gas in France will increase by 7.4% on July 1st, adding an average of €2.70 to monthly bills for about 6 million households. This rise is attributed to higher gas market prices influenced by the Middle East conflict and increased distribution tariffs.
Inflation hit a three-year high in May, driven by soaring gas prices, posing a challenge for the Federal Reserve and the Trump administration as midterm elections approach. Consumer prices rose 4.2% year-over-year.
Oil executives warn the White House of impending gas price spikes due to the Strait of Hormuz closure, straining global oil inventories, despite the administration's efforts to mitigate the crisis.
Chicago taxis now have a temporary fuel surcharge ($1, $2, or $3 based on trip cost) to offset rising gas prices, alongside other fare increases (rush-hour, overnight, cleanup) and base rate adjustments to support the struggling taxi industry.
Gas prices in Amsterdam, the benchmark for Europe, remain stable. The July natural gas futures closed slightly below par at €48.8 per Megawatt-hour.
Oil executives have privately warned the White House about critically low oil inventories due to the Strait of Hormuz closure, potentially leading to gas price spikes. A White House official denied these reports, while Chevron's CEO expressed public concern.
Gas prices opened lower in Amsterdam, with TTF contracts down 0.38% to 48.7 euros per megawatt-hour, amid ongoing tensions between Iran and the US, and Russia and Ukraine.
In May 2026, gas prices for vulnerable users in Italy will increase by 0.9% to 122.15 cents per cubic meter, according to ARERA. Wholesale prices remained nearly unchanged, leading to a slight rise in the total cost for approximately 2.3 million customers.
President Trump reiterated his claim that gas prices will fall to $1.85 per gallon once the Iran war ends, despite current prices averaging $4.26. The war's disruption to the Strait of Hormuz supply chains is cited as a primary cause for the surge, with Americans blaming Trump for rising costs.
Moody's chief economist Mark Zandi warns the US has days to secure a peace deal with Iran or risk recession due to soaring oil prices. Stalled negotiations and the potential closure of the Strait of Hormuz threaten global energy supplies, with gas prices already high and a potential climb to $5/gallon risking consumer spending collapse.
Gas prices saw an upward trend, gaining 2.4% to 48.76 euros per megawatt-hour in Amsterdam, as markets monitor developments in the Middle East war.
Gas prices in Amsterdam, the benchmark for Europe, have decreased. The July natural gas futures closed down 2.5% at 47.8 euros per megawatt-hour.
McDonald's launched its 'McDonald's > NEXT' global growth strategy, focusing on new restaurant designs, improved food quality, customer-led innovation, and enhanced service to become customers' top choice amidst rising competition and economic pressures.
Gas prices surged by 6.3% to €48.9 per megawatt-hour on the TTF hub in Amsterdam, driven by escalating tensions between the US and Iran.
The author tests Tello Mobile, a low-cost MVNO using T-Mobile's network, to see if its $25/month unlimited plan can replace their $75/month T-Mobile plan, finding comparable service for a low-data user.
