Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following reports that the U.S. and Iran had agreed to extend a ceasefire, though it had yet to be finalised.
The president’s dilemma became clear during a week of hectic diplomacy.
Trump, a billionaire real estate developer, has intensified his focus on reshaping Washington and the White House complex.
A gap is widening between two key measures of underlying U.S. inflation. Unfortunately for newly confirmed Federal Reserve Chair Kevin Warsh, the one rising faster is the central bank’s preferred gauge, further squashing any hope for interest rate cuts.
After three months of upheaval, the Iran conflict and near-total closure of the Strait of Hormuz have delivered a shock that has rewired global oil, fuel and LNG flows and caused historic disruption to energy product shipping in every region.
One of the Fed chair’s favorite inflation measures came in cool again, offering evidence for his belief inflation is improving and against the view of a growing number of other policymakers that interest rate hikes may be needed to tamp down rising price pressures.
New York State Governor Kathy Hochul on Thursday signed a state budget that includes a progressive surcharge on luxury second homes in New York City, a move backed by Mayor Zohran Mamdani and expected to generate $500 million per year for the largest U.S. city.
The U.S. said on Thursday it has imposed new sanctions on Iran’s military oil trade, even as Washington and Tehran reached a tentative agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz.
An Israeli strike hit a building in the southern suburbs of the Lebanese capital on Thursday, the first strike to hit near Beirut in weeks amid a ceasefire that has failed to halt fighting between Israeli troops and Hezbollah in south Lebanon.
Oil prices settled mixed on Thursday after a choppy trading session, as traders mulled conflicting reports of progress on a potential deal to extend a ceasefire between the U.S. and Iran.