Latest News
-
Trump's Kentucky trip aims to alleviate concerns about the cost of living caused by the Iran war
Donald Trump hoped to reassure Americans on a visit to Kentucky and Ohio, Wednesday, that the rising prices of 'gasoline' were temporary. Republican colleagues worried that these increases were causing voter anxiety over the economy. Trump's first campaign trip since the U.S. and Israeli military operation against Iran began on February 28, was a successful one. He could use the trip to hone his economic message, and highlight his achievements ahead of the midterm elections in November. His fellow Republicans are defending a narrow?majority in both chambers of Congress. Trump's first remarks at his stop in Cincinnati, Ohio were centered around the "Iran War". According to AAA, the average gasoline price in Kentucky and across the country is up 61 cents compared to last month. Trump stated on Wednesday that "oil will be coming down." It's going down more than anyone, including us, can imagine. Trump said to Cincinnati's Local 12 TV station that the U.S. will reduce "a little" its strategic petroleum reserve. Former President Joe Biden released oil from the SPR to limit price increases during the early months of Russia’s war in Ukraine. Trump's comments on the economy were delivered in Hebron, northern Kentucky. This was the latest of a series speeches Trump gave around the country in order to convince the American public about his economic policies. Trump praised his efforts to reduce drug prices, which was one of the main selling points of Republicans during the election, and also the income tax cuts on tips and overtime that many Americans received as part of "the One Big Beautiful Bill", passed by Congress in 2013. CAMPAIGN AGAINST KENTUCKY RESPUBLICAN MASSIE Hebron is a part of the district that Republican U.S. Rep. Thomas Massie represents. Massie is a Trump critic and often goes against his party. Massie was the leader of the high-profile campaign for greater transparency in the Trump Justice Department's handling of files related to convicted sex criminal Jeffrey Epstein, a late financier. Trump has endorsed Ed Gallrein to compete against Massie at the party's May 19 primary. Gallrein is a former Navy Seal officer and farmer. Trump told the Kentucky crowd that Thomas Massie was a disaster for his party. "He has to be voted as soon as possible out of office." Massie, in an interview with. He said that Wednesday's political?reality is that more people will know that Trump has endorsed me. The good news is that our polling shows I'd still win even if 100% of people knew what was going to happen on the May 19th primary. (Writing and reporting by Bo Erickson, Costas Pitas, Bhargav Asharya, Steve Holland, Will Dunham and Howard Goller; editing by Ross Colvin and Will Dunham; Howard Goller, David Gregorio, and Ross Colvin)
-
Tilman Fertitta is in talks to purchase Caesars for $7 Billion, reports WSJ
The Wall Street Journal reported that billionaire Tilman?Fertitta?has been in talks with Caesars Entertainment to purchase the company for $7?billion. He?topped an offer from a rival firm?from Carl Icahn?s, according to people familiar with this matter. Fertitta Entertainment's, Fertitta, was reported to be discussing a price of $34 per share for the gaming firm. According to the WSJ, Caesars also received a?all cash offer? of about $33 per share from Icahn Enterprises. This publicly traded company houses Carl Icahn’s investments. Caesars Entertainment refused to comment on this report. Tilman Fertitta didn't immediately respond to an inquiry for comment. Fertitta’s offer per share?represents a 17% increase in Caesars' closing share price on Wednesday of $29.07. The report said that an announcement between the two parties is not imminent and that it's possible the talks will fail to result in a deal. Casino operator reports net loss in four quarters in a row, hurt by a significant drop in visitor numbers to Las Vegas in 2025. Tilman Fertitta approached Caesars in 2018 to discuss a merger with his gaming empire. In 2019, Caesars replaced its three board members after activist investor and billionaire Carl Icahn acquired a 9.78% stake and pressed the company to sell as a group. Icahn subsequently?disclosed a'sizable' stake in the company, after which Caesars expanded their?board by adding two new members. According to LSEG data, Caesar's stock closed Wednesday up 11.76%, giving the company a market cap of $5.78 Billion. (Reporting and editing by Alan Barona, Parth Chandna).
-
How did US presidents tap strategic petroleum reserves in wartime?
Donald Trump announced on Wednesday that the U.S. will contribute "a little" to the IEA's plan to release a record number of 400 million.barrels.of oil from various countries' reserves in an effort to control the prices which have risen due to.the U.S. and Israel's war with Iran. In an interview given to local TV in Ohio, Trump didn't?say? how much oil the U.S. will contribute. He said only, "Right now, we will reduce it a bit and that brings down the prices." U.S. Strategic Petroleum Reserves (SPR) hold 415.4 million barrels. Most of this is high sulfur crude that U.S. Refineries are geared to process. The crude oil is stored underground in salt caverns hollowed out on the Texas and Louisiana coasts. The capacity is 714 million barrels. Here's how U.S. Presidents have used the SPR in times of war before: RUSSIA INVADES UKRAINE In March of 2022, a month after Russia invaded Ukraine and Trump's predecessor, former President Joe Biden, ordered the?release? of 180 million barrels in six months, which was the largest ever sale from the emergency stockpile. Biden and then Trump'slowly purchased some oil to replenish reserve but little was returned because Congress needed to provide more funds. ATTACK ON SAUDI ARABIA In 2019, Yemen's Iran aligned Houthis launched an attack on Saudi Arabia, resulting in the shut down of more than 50% of the country's crude production. Trump said that his administration was ready to tap into the SPR in case of need. This was during his first term. This did not occur, however, as Saudi Arabia's Abqaiq Plant and the?Khurais Field recovered rapidly. LIBYA CIVIL WORRAGE Former President Barack Obama released '30 million barrels' of oil in June 2011 to counter the disruptions on global markets caused by the civil war in Libya, the oil producer. This sale was coordinated 'with the Paris based IEA and resulted in an additional 30 million barrels of oil being released from other member -countries. OPERATION DESERT SSTORM George H.W. Bush sold about 21 million barrels in two phases between 1990-1991 after the Iraqi invasion. Bush sold approximately 21 million barrels in two phases. In October 1990,?the U.S. In October 1990, the?U.S. Bush sold 34 million barrels in January 1991, after U.S. warplanes and allied forces began attacking Baghdad and military targets within OPEC member Iraq, as part of Operation Desert Storm.
-
Petrobras sold 20 million liters at auction of diesel in southern Brazil.
Two sources said that Petrobras, the Brazilian state-run oil company, sold 20 million liters of diesel in the southern Rio Grande do Sul State at an auction on Wednesday. The company also stated that the price was up to $1.78 ($0.3450) per liter higher than its current local distributor prices. The immediate impact of the?spike in prices for diesel resulting from U.S. and Israeli attacks on Iran is a threat to Brazil's agricultural sector. It will increase costs if producers are harvesting a record soybean crop or planting corn that can not be delayed. Diesel prices in Brazil are rising despite Petrobras not changing its prices. This is because some fuel is imported or produced locally by refineries who follow global oil price movements. The?report on Tuesday, citing?sources, said that?Petrobras planned?to hold an auction in response to reports of a shortage of diesel in?Rio Grande do Sul. One person stated the initiative was needed "to try?to calm the market nerves." In a Tuesday statement, the?company didn't?explicitly? confirm the auction.
-
Oil pushes up, stocks fall and Treasury yields rise
?Global stocks fell on Wednesday and Treasury yields surged after data showed that U.S. Inflation picked up as predicted, while oil 'prices' resumed their rise as the U.S. - Israel war?on Irandragged out. The Labor Department reported that the Consumer Price Index rose by 0.3% in the month of February. This was in line with expectations and higher than the 0.2% rise in January. CPI increased 2.4% over the past year, while core rates, which exclude food and energy, rose 2.5%. Both are in line with expectations. Wall Street's major stock indexes ended flat or lower. The Dow Jones Industrial Average dropped about 0.6% while the S&P500 and Nasdaq Composite were barely changed. The consumer price index did not reflect the sharp rise in gasoline prices and other items that has occurred since the Middle East 'war' broke out 12 days ago. The markets already indicate that traders are increasingly confident about the likelihood of central banks raising interest rates in the near future. "February's numbers of inflation were going in the right directions, but the Middle East conflict has changed the course." We will see inflation instead of deflation as a result of energy. As the fertiliser market is chaotic, food prices could be showing signs of inflation. On Wednesday, oil prices rose nearly 5% due to fears of a supply disruption. Analysts said that the proposal by the International Energy Agency for a record-breaking release of reserves was not enough to calm these concerns. Brent futures?rose $4.18 or 4.8% to settle at $91.98 a 'barrel. U.S. West Texas intermediate CLc1 finished the session $3.80 or 4.6% higher at $87.25 a 'barrel. The MSCI All-World Index fell 0.2%, and European shares dropped. This left the STOXX 600 index down 0.6%. The broadest MSCI index of Asia-Pacific stocks outside Japan closed 1 percent higher. Investors are on edge, as the Middle East conflict could freeze global energy trading and spark a price spike. This is a threat that world leaders have been scrambling to address. Since the start of the conflict, ships have been hesitant to enter the Strait of Hormuz because of threats against vessels. Iran's military said that oil could reach $200 per barrel. Three other vessels were also hit by projectiles. Christine Lagarde, President of the European Central 'Bank said that on Tuesday they would do all they could to control inflation and avoid a repetition of?the energy price shock in 2022. The?euro dropped around 0.34%, to $1.157. Meanwhile, the pound remained unchanged at $1.341. The dollar rose 0.6% to 158.9, as the yen fell further. BOND YIELD SURGE ADDS ADDITIONALLY TO THE OVERHEATING CONCERNS U.S. Treasuries dropped?again Wednesday, pushing up the yield on 10-year benchmark note by 9 basis points to 4,226%. Concerns about other market segments, including private credit and massive investments in AI, are heightened by the recent surge in bond yields. Investors also were'reminded' of the vulnerabilities in private credit by a source 'close to JPMorgan Chase who said that the bank was tightening lending and had lowered the value of certain loans held by private credit groups. Blue Owl Capital, Ares Management and other publicly traded asset managers lost ground Wednesday due to the jitters felt in the financial sector. (Reporting from Lawrence Delevingne, Boston; and Amanda Cooper, London. Rae Wee contributed additional reporting from Singapore. Pooja Deai, Bernadette, Baum, Maclean, Nick Zieminski, and Aurora Ellis edited the story.
-
US gasoline prices exceed $3.50 per gallon as the Iran war continues
Gasoline prices in the United States have risen to their highest level since May 2024. This is according to data from AAA and GasBuddy, two price tracking services. The 'Israel-U.S. War with Iran' has stoked supply concerns. Fuel prices have risen across the world due to disruptions in Middle Eastern oil exports via the Strait of Hormuz. This could pinch the wallets of consumers and derail the global economy. This could be the greatest risk to U.S. president Donald Trump and the Republican Party during the November midterm elections. Trump's vow to lower energy prices was a key factor in his re-election bid in 2024. The impact of geopolitical shockwaves on your finances doesn't take many months. "They take days," said Bill?Stern. Chief executive officer of U.S. based small business lending Cardiff. You feel it the moment you fill your car up to take your kids to practice. The average U.S. retail gasoline price has risen nearly?60 since Trump made his decision on February 28 to?join Israel and attack Iran. It stood at $3.58 per gallon on March 5. This rapid increase of 20% in just 11 days is comparable to the spike in prices four years ago, after Russia invaded Ukraine. It's an unprecedented rise. More increases will likely follow as more ships are hit in the Strait of Hormuz and the United States transitions to summer-grade gas, which is cleaner to burn but more expensive to produce. Denton Cinquegrana is the chief oil analyst for Oil Price Information Service. He said that spot and wholesale gasoline prices registered double-digit gains on Wednesday. The next day, wholesale price changes are usually reflected on the pump. The price of crude oil, the largest component in fuel prices, was also rising on Wednesday, despite the proposal from the Paris-based International?Agency for Energy to release 400?million barrels worth of oil. Cinquegrana stated that the IEA announcement on the release of oil raised more questions than it answered, as the group didn't announce who would release the oil or when.
-
Oil pushes up, stocks fall and Treasury yields rise
Wall Street shares dropped but the dollar held steady on Wednesday after data showed U.S. Inflation picked up as predicted in February. However, most investors focused on the 'oil price' and the possibility that the U.S. - Israel war against?Iran could impact economic growth on a long-term basis. The Labor Department reported that the consumer price index increased 0.3% in the month of February, which was in line with expectations and higher than the 0.2% rise in January. CPI increased 2.4% over the past year, matching expectations. The core rate, which excludes energy and food prices, also rose 2.5% in line with predictions. Wall Street saw the Dow Jones Industrial Average fall about 0.6% and the S&P 500 drop 0.1%. The Nasdaq Composite remained unchanged. The consumer price index does not reflect the dramatic increase in prices of items like?gasoline that has occurred since the Middle East war began 12 days ago. The markets already indicate that traders are increasingly confident about the likelihood of central banks increasing interest rates in the near future. "February's numbers for inflation were going in the right directions, but the Middle East conflict has changed the course of the trend. We will see inflation instead of deflation as a result of?energy. As the fertiliser market is chaotic, food prices could be showing signs of inflation. The oil market had another volatile session, but the price movements were muted in comparison to Monday's record-breaking price swings. Three sources told us on Wednesday that the International Energy Agency would recommend releasing 400 million barrels, the most in IEA 'history', in order to curb soaring oil prices. Japan and Germany have announced that they will begin releasing reserves. Brent crude futures rose by around 4% to $91 per barrel after rising earlier by up to 6%, reaching almost $93. MSCI All-World fell by 0.2%, European shares declined and the STOXX 600 was down 0.6%. MSCI's broadest Asia-Pacific index outside Japan closed 1% higher. Investors are on edge, as the Middle East conflict could freeze global energy trading and cause a price spike. World leaders are scrambling for solutions to this risk. Since the U.S. and Israeli war against Iran, the Strait of Hormuz has been a dangerous place for ships to enter. Iran's military said that on Wednesday, the world must be "prepared" for oil prices to reach $200 per barrel. Christine Lagarde, President of the European Central Bank (ECB), said that on Tuesday it would do all to control inflation?to prevent a repeat?of?the energy price shock in 2022. Several ECB officials prefer to wait and see before taking any action. The euro dropped around 0.3%, to $1.157. Meanwhile, the pound remained unchanged at $1.341. The yen continued to weaken, leaving the dollar at 158.9 up 0.5%. The BOND YIELD SURGE Adds to Overheating Concerns Due to the fear of continued energy price pressures, bond yields have risen this week. This has added to worries about other market segments that are at risk of being overheated, including private credit and vast investments in AI. Investors also were reminded about the vulnerabilities in private credit when a source close to JPMorgan Chase revealed on Wednesday that the bank was reducing the value of certain loans held by private credit groups and tightening lending to the sector. Blue Owl Capital, Ares Management and other publicly-traded asset management firms lost ground Wednesday due to the jitters felt in the financial sector. U.S. Treasuries dropped again on Wednesday. The yield on the benchmark 10 year note increased by 8.2 basis points, to 4.218%. Reporting by Lawrence Delevingne, Boston; and Amanda Cooper, London. Rae Wee contributed additional reporting from Singapore. Pooja Dasai, Bernadette, Baum, William Maclean and Nick Zieminski edited the story.
-
US gasoline prices exceed $3.50 per gallon as the Iran war continues
Data from AAA and GasBuddy, two price tracking services, showed that the national average retail price for gasoline surpassed $3.50 per gallon last week, its highest level?since May 20, 2024. The Israel-U.S. war with Iran is causing supply concerns. Fuel prices have risen across the world due to disruptions in Middle Eastern oil exports via the Strait of Hormuz. This could pinch the wallets of consumers and derail the global economy. This could be the greatest risk to U.S. president Donald Trump and his Republican Party during the Midterm Elections in November. Geopolitical shockwaves do not take months to affect your wallet. William Stern, the chief executive of small business lender Cardiff in the U.S., said that it only takes days. You feel it the moment you fill your car up to drive the kids to practice. The average U.S. retail gasoline price has risen by nearly 60 cents in the past two weeks since Trump decided to attack Iran with Israel on February 28, and was $3.58 per gallon on March 1. More increases are expected in the coming days as more ships were struck in the 'Strait of Hormuz' on Wednesday, and the United States transitions to summer-grade gas sales which burn cleaner but cost more to produce. Denton Cinquegrana said that spot and wholesale gasoline prices had double-digit growth on Wednesday. The wholesale price change is usually reflected on the pump the next day. The price of crude oil, which is the largest component in fuel prices, was also rising on Wednesday, despite the proposal from the Paris-based International Energy Agency (IEA) to release "a record 400,000,000 barrels" of?oil. Cinquegrana stated that the IEA announcement?on oil release raised more questions than it answered, as the group didn't announce who would release what amount of oil and when. (Reporting and editing by Nick Zieminski in New York. Reporting by Shariq Khan, New York)
Catsimatidis, a billionaire Catsimatidis, says that the pain at the pump will subside in about a month.
In an interview with NBC News on Tuesday, John Catsimatidis said that consumers will be relieved of the steep increases in fuel prices at the pump in the next month or two. Fuel prices have soared due to supply disruptions resulting from the Israel-U.S. conflict with Iran. This poses a serious threat to U.S. president Donald Trump and the Republican Party in advance of November's midterm elections.
Catsimatidis said that he believed the worst of the price increases were over. U.S. average gasoline prices have risen by nearly 60 cents in the past month since the joint U.S. and Israeli attacks?on Iran began on February 28. They stood at $3.58 a galon on Wednesday according to?AAA's data. According to an Ipsos survey that ended on Monday, diesel prices have risen by more than $1 and Americans expect the price to continue to increase over the next 12 months.
As the war continues, three more ships were struck in the Strait of Hormuz Wednesday. The Strait of Hormuz is a crucial chokepoint for the global oil supply and its near closure has forced Middle Eastern countries and their Asian customers to reduce refinery.
Catsimatidis is the chairman and CEO of United Refining Co. He said that the current crisis has highlighted a need for increased investment in U.S. oil production and refinement, but this will require stability within White House policy. When asked if he'd consider upgrading or expanding United Refining’s 70,000 barrels-per-day refining facility in Warren, Pennsylvania he said: "Absolutely yes." Energy experts questioned whether the U.S. needed a new refinery after Trump announced Tuesday that a plant would be built on the southern border of the U.S. The opening of massive new refineries in Nigeria and other countries is putting pressure on the U.S.'s refining economy.
(source: Reuters)