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Oil prices plunge as Iran says Strait of Hormuz 'open' during ceasefire BBCIran war live: Tehran says US blockade of ports must end as strait opens Al JazeeraIran War Live Updates: Uncertainty Remains at Strait of Hormuz After Reopening Announcement The New York TimesVideo shows ships turning away from the Strait of Hormuz as confusion persists over whether sea lane is really open
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World Cup 2026 prices: New York's £111 train fares will have 'chilling effect', says Fifa BBCNJ Transit says $150 World Cup train ticket price needed to offset extra security, labor costs YahooYou Thought World Cup Tickets Were Expensive. Wait Until You Take the Train. WSJWorld Cup fans to MetLife Stadium will pay $150 train fares - NJ Transit ESPN
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Trump Extends Sanctions Exemption on Some Russian Oil as High Gas Prices Persist The New York TimesUS renews Russian oil waiver after pressure from countries dealing with Iran war price shocks ReutersU.S. launches ‘Operation Economic Fury' to obstruct Iran's revenue streams amid blockade DefenseScoopMiddle East war as it happened: US extends waiver allowing countries to buy Russian oil Financial TimesUS extends waiver
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GOP senators urge Trump to find Iran exit plan as energy prices rise: ‘The clock is ticking' Politico‘Everything will fall apart': Republicans confront how to shift midterm strategy amid Iran war CNNRepublicans' Anxiety Over Iran War Grows but GOP Lawmakers Vote Against Curbing Trump's Powers WSJIn group chats and meetings, Republicans are privately petrified the Iran war could cost them the midterms NBC NewsYoung Discusses Iran at Semafor World Econ
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Federal Reserve governor Chris Waller said the surge in oil prices tied to the Iran war and lingering effects from U.S. tariffs could "lead to a more lasting increase in inflation," potentially forcing the central bank to eschew further interest-rate cuts.
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After two years of shipping delays and rising delivery costs, relief is in sight. By the end of the year, a marked improvement will be seen compared with a year ago.
The numbers of new drivers and trucks have picked up, easing constraints, though chassis shortages will likely continue into 2023. Spot market rates for trucks, excluding fuel surcharges, have dropped 30% from their peak earlier this year. They should decline a bit more, ending 2023 about 5% above their prepandemic level, according to Avery Vise, Vice President of Trucking at FTR Transportation Intelligence. Contract rates are typically slower to respond, and should ease to 17% above their prepandemic level by the end of 2023. Also, diesel prices are still 65% above prepandemic, so fuel surcharges will continue to be higher than normal. However, if a recession happens next year, then both volumes and rates will tumble.
SEE MORE 5 Stocks Making the Most of Supply-Chain Issues
Congestion at East Coast ports should ease in the next few months as a new labor contract is likely to be signed for West Coast dockworkers, allowing more vessels to return to using West Coast ports. Ship traffic from Asia is easing as 70% of retailers shipped early this year ahead of the holiday season, after getting burned last year, according to Ken Hoexter, a managing director at Bank of America. Ocean freight rates from China to the West Coast have fallen to $3,900 per 40-foot container, though that is still $2,500 more than the prepandemic average.
Rail freight is the problem child, according to Todd Tranausky, vice president of rail & intermodal at FTR. Freight has been moving at slower than normal speeds this year because of crew staffing shortages. Prior to the pandemic, the railroads embarked on a cost-cutting and labor-saving spree, reducing the wor
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 Oil prices edged lower on Wednesday as a drawdown in U.S. distillate stockpiles for the first time since March and a sharp drop in U.S. crude production faced concerns over fuel demand due to fresh outbreaks of COVID-19.
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