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Prices are up 21% from a month ago with the oil market roiled by the U.S.-Iran war.
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Estimates from Wall Street project that if oil prices stay elevated for too long, consumers will lose as much as they gain from the new tax law.
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The U.S.-Israeli attacks on Iran have intensified and the conflict has widened, shaking global energy markets.
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Monday saw the most volatile swings in crude prices on record.
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JPMorgan delivers a stark message for investors in stocks thestreet.comStock market today: Dow, S&P 500, Nasdaq futures fall, oil slides after volatile day on Wall Street Yahoo FinanceInvestors and Trump Face an Iran Dilemma The New York TimesCalm returns to Wall Street as oil prices retreat below $90 per barrel AP News5 Irrefutable
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As War Sends Gas Prices Soaring, Americans Wince: ‘Harder to Exist.' The New York TimesTrump administration starts to panic over rapidly rising oil costs CNNTrump Faces Pressure to Tame Surging Gasoline Prices BloombergTrump's War in Iran, and Rising Gas Prices, Collide With Midterm Agenda The New York Times‘We've got to pay attention': GOP anxiety spikes over rising energy prices Politico
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Oil Drops as Trump Signals Iran Conflict Near End: Markets Wrap BloombergOil extends slide as investors assess Trump comments on Iran war, Strait of Hormuz CNBCOil prices fall and stocks rise after Trump says Iran war 'very complete' BBCThe 24 Hours When Oil Markets Went Wild WSJThe Wild 24-Hour Rise and Fall of Oil Prices The Atlantic
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Iran war's oil shock fuels GOP political anxiety The Washington PostTrump administration starts to panic over rapidly rising oil costs CNNGas price spikes are slamming Senate battleground states Axios‘We've got to pay attention': GOP anxiety spikes over rising energy prices PoliticoDivided on so many things, Americans find unity in frustration at higher gas prices PBS
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Investors now expect that the Fed will delay a rate cut until September instead of July, as they had before the war in Iran began.
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War with Iran delivers another shock to the global economy AP NewsTrump administration starts to panic over rapidly rising oil costs CNNPendulum swings back on economy amid Iran conflict The HillHow the Iran War Could Hit Americans' Wallets The New York TimesTrump weighs easing Russia sanctions, other measures to cool oil prices Reuters
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Oil prices climbed on Monday, but finished below Monday's highs near $120 a barrel following talk by the Group of Seven nations of a potential emergency release of crude reserves.
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President Trump insists the conflict will be brief, but world leaders are preparing for severe economic blowback.
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The jump was a sign of growing concern that the war in the Middle East will take a toll on energy supplies.
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