Shipping firms are being whipsawed by changing stances and risks as they wait for Hormuz to reopen
NEW YORK (AP) — With hundreds of vessels still stuck in the Persian Gulf and costs piling up, shipping companies are being whipsawed by uncertainty over how and when the Strait of Hormuz might reopen more than two months into the Iran war. U.S. President Donald Trump first announced an effort in which the U.S. military would “guide” ships through the strait, then paused that to allow time for a deal to end the war. A French-operated ship was damaged attempting to transit the strait. Industry figures say a return to normal transit will take weeks even if there's a deal.
Lower-income Americans hit hardest by gas price spike, widening inequalities, study finds
WASHINGTON (AP) — Lower-income Americans sharply reduced their gas consumption in the month following the Iran war, yet spiking prices still forced them to spend more at the pump, worsening the economy’s disparities, new research released Wednesday showed. Higher-income households, meanwhile, ratcheted up their spending on gas while barely reducing their consumption, according to a report from the Federal Reserve Bank of New York. Middle-income households fell in-between. The figures suggest the gas-price surge has worsened what many economists call the “K-shaped economy.”
Why gasoline costs 52% more in the US than it did before the Iran war
NEW YORK (AP) — The price of a gallon of regular gasoline in the U.S. has climbed 31 cents in the past week and is now 52% higher than before the Iran war began. That's according to the latest data from AAA, which said regular gasoline reached an average of $4.54 per gallon on Wednesday. The main reason drivers are paying more for gas is because the war has stranded oil tankers near the Strait of Hormuz. Oil prices fell below $100 a barrel on Wednesday on renewed hopes of an agreement to end the war. That could pull gasoline prices down as well, but energy experts say it will take months for prices to return to pre-war levels.
Hopes for reopening the Strait of Hormuz push Asian shares higher, as oil prices hold above $100
Asian shares are sharply higher, with Tokyo's Nikkei 225 up 6%. The price of Brent crude was holding above $100 a barrel early Thursday, however, as investors waited to see if the U.S. and Iran will strike a deal allowing tankers to deliver crude from the Persian Gulf again. On Wednesday, oil prices fell nearly 8% and the S&P 500 climbed 1.5% for its best day in nearly a month, setting a fresh record. The Dow Jones Industrial Average jumped 1.2%, and the Nasdaq composite rose 2%. Markets rallied worldwide after President Donald Trump said the Strait of Hormuz could be “OPEN TO ALL” if Iran accepts a reported agreement that the U.S. president did not detail.
Ted Turner's vision of news as global and continuous changed both the industry and society itself
NEW YORK (AP) — Ted Turner’s death comes at a fraught time for cable news, which has struggled to retain viewership in an era of countless media choices and abundant streaming video. But people in the news industry left little doubt of Turner's impact. One called the discussion of it hyperbole-proof and another said he saw TV news as a global entity long before many of his contemporaries. The United States' first Gulf War against Iraq was a particular inflection point that showed both the capability of and the consumer interest in around-the-clock news.
Disney offsets fewer overseas visitors with streaming and strong spending at theme parks
Disney exceeded most expectations in the second quarter due to strength in its streaming service and strong spending at U.S. theme parks that offset weak international tourism. The company warned early this year that its theme parks division would likely see modest growth due in part to declining tourism from abroad. International tourism in the U.S. has waned for a number of reasons after President Donald Trump’s return to the White House, including tariffs, a crackdown on immigrants, and repeated jabs at allied nations. Overall attendance at U.S. parks declined 1% from the same time last year due to declining international tourism. Still, the company reported strong domestic spending at parks.
European fishing firms reflag ships to tap Indian Ocean tuna quotas, report finds
A new report reveals European companies have taken a third of the Indian Ocean's tropical tuna catch. The Blue Marine Foundation and Kroll found European fleets register ships under flags of countries like Seychelles and Oman to access larger quotas. This practice, while legal, obscures ownership and complicates regulation. The report comes before an Indian Ocean Tuna Commission meeting. Despite EU commitments to reduce catches, European fleets continue to expand. Environmental groups call for greater transparency in ownership to ensure compliance with fishing laws. The EU states reflagging is a private business decision.
Oil prices sink and stocks leap worldwide on hopes for a reopening of the Strait of Hormuz
NEW YORK (AP) — Oil prices sank, and stock markets rallied worldwide with hopes that a deal is nearing to allow tankers to deliver crude from the Persian Gulf again. The price for a barrel of Brent fell toward $101 Wednesday. On Wall Street, the S&P 500 climbed 1.5% for its best day in nearly a month and set another record. The Dow Jones Industrial Average jumped 1.2%, and the Nasdaq composite rose 2%. Stock markets abroad rallied even more. Oil prices pared their steepest drops from the morning, though, and Wall Street has seen past hopes for an end to the Iran war get dashed several times.
US rights agency sues New York Times for discriminating against white man passed over for promotion
NEW YORK (AP) — A federal civil rights agency filed a discrimination lawsuit Tuesday against the New York Times, claiming that the new organization passed over a white male employee for a promotion in favor of a lesser qualified woman to meet its diversity goals. The New York Times called the lawsuit politically motivated and said it would defend itself “vigorously.” The Equal Employment Opportunity Commission filed the lawsuit Tuesday on behalf of a New York Times editor who lodged a complaint after he didn’t get the role of deputy real estate editor in 2025, alleging gender and racial discrimination.
DoorDash plans to spend more than $50 million on gas price relief for its drivers this spring
DoorDash said Wednesday it expects to spend more than $50 million in the second quarter on gas price relief for its delivery drivers. The San Francisco-based company said in March that it would offer extra compensation to U.S. and Canadian drivers as part of a temporary program to offset a sharp increase in gas prices due to the Iran war. DoorDash said demand for deliveries remained strong in the January-March period despite higher gas prices. Total orders rose 27% to 933 million. But that fell short of Wall Street’s forecast. First quarter revenue also fell short of expectations.
