Crude Oil
Diesel prices are just 20 cents from a record high, with multiple states already setting new records. Experts warn relief is uncertain as prices could remain elevated through 2026.
As brent crude futures soar toward $100, it’s creating a new battle in the Federal Reserve’s effort to fight inflation. One money manager warns another rate hike is likely.
Freight costs are likely to remain elevated through the winter, despite the recent decline in crude oil prices.
British Prime Minister Liz Truss and President Biden agree a U.S./U.K. trade deal is a low priority. However, the U.K. might lean on the U.S. more in coming weeks as many countries prepare to ban Russian oil.
UPDATE: WASHINGTON (AP) - Biden: US ban on Russian oil a ‘powerful blow’ to ‘Putin’s war,’ warns Americans ‘defending freedom is going to cost.’
Farmers worldwide are feeling the pinch as fuel costs rise to near four-year highs just as they plant and harvest their fields, eroding agricultural income already hamstrung by depressed crop prices.