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Oil climbed to nearly $120 per barrel before falling back after Trump sent mixed signals and the G-7 mulled releasing emergency oil supplies.
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The escalating conflict in Iran is driving up oil costs, and in turn gas costs.
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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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Live Updates: As U.S.-Israeli war with Iran intensifies, Trump says it is "very far ahead of schedule" CBS NewsTrump says Iran 'war is very complete,' talks to Putin: Reports CNBCAfter Global Economy Shudders, Trump Zigzags on Whether War Will End Soon The New York TimesIran war updates: Trump says war is 'very complete' as gas prices soar USA Today
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Oil Prices Are Barreling Toward All-Time Highs WSJOil Prices Spike to Over $110 a Barrel, Highest Since Pandemic The New York TimesHow the Iran war and surging oil prices are affecting consumers at the gas pump and beyond AP NewsTracking gas and oil prices as war with Iran escalates CNNOil Is Already Near a Price That Hurts the Economy WSJ
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Gold prices declined on Monday, extending their loss from last week, as an escalating conflict with Iran drove fears of sticky inflation on the back of surging prices of oil, and investors again took shelter in the dollar.
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Gas prices are rising, with the cost of food likely to follow. If the conflict drags on, the fallout for consumers could worsen, experts warned.
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‘We've got to pay attention': GOP anxiety spikes over rising energy prices PoliticoDemocrats Seize on Oil Price Surge, as Trump Downplays It The New York TimesGOP Whip Tom Emmer predicts oil prices will drop after Iran war CNBC'This isn't America First': Rep. Thomas Massie blames Trump as gas prices soar amid US-Iran conflict whas11.com
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Gold Slumps as Oil Surge Stokes Fears of Higher Interest Rates Bloomberg.comIran war updates: Trump says conflict may be ‘short-term' as oil fears rise Al JazeeraOil Prices and Stocks Swing Wildly as Iran and Israel Launch New Strikes - The New York Times The New York Times
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Interruptions in oil supplies in the Middle East, source of much of the world's energy, are trickling down to what American drivers pay when they fill up.
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California gas prices rise above $5 a gallon amid US war with Iran The GuardianU.S. Gasoline Prices, Rising Again, Hit $3.48 a Gallon The New York TimesSeattle-area gas prices hit $4.75 and higher AxiosAAA Fuel Prices AAA Fuel PricesDrivers can expect another gas price surge this week Star Tribune
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Deflationary pressures ease as AI-related spending rises and Beijing clamps down on overcapacity
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