Oil-thirsty Asian nations seek Russian crude as Iran war strains supplies
BANGKOK (AP) — Asian nations are increasingly competing for Russian crude oil as an energy crisis mounts amid the U.S. and Israeli war in Iran, which has choked off roughly a fifth of the world’s oil supply. Much of the oil from the mostly shut Strait of Hormuz was headed for Asia, hit hardest by recent energy shocks. To shore up global crude oil supplies, the U.S. has temporarily eased sanctions on Russian oil shipments already at sea — first for India, then for the rest of the world. Experts say there's a limit to how much Moscow can boost its exports of crude oil, and it is already exporting at a level close to its previous peak.
Rising gasoline prices are a double blow for drivers who use their own vehicles for work
Driving a car, van or truck is a big part of many Americans’ workdays. Millions of people have jobs that require using personal vehicles for work. They include delivery drivers and ride-share providers, as well as self-employed electricians, nannies, home health care aides and real estate agents. The Iran war has pushed up the average U.S. price for a gallon of regular gas by $1. Some companies compensate employees for using their own vehicles, including the cost of gas. Ride-hailing and food delivery platforms like Uber and Instacart don’t reimburse drivers for gas, but some are offering temporary incentives in response to rising gas prices.
Airport bottlenecks ease as TSA workers get paid, but shutdown continues
The Transportation Safety Administration says most of its officers received most of their backpay Monday for working during the shutdown. Weary travelers hope the overdue paychecks will end the hourslong waits in security at several major U.S. airports. Wait times began improving when the TSA workers were promised their first paychecks in weeks. Bottlenecks disappeared at airports in Atlanta and Houston on Monday. Houston's main airport went from a four-hour line just day ago, to a 10-minute wait. President Donald Trump on Friday ordered the Department of Homeland Security to pay TSA officers immediately to ease the lines.
US stocks swing through another shaky day as oil prices keep climbing
NEW YORK (AP) — U.S. stocks swung as oil prices kept climbing because of uncertainty about when the war with Iran could end. The S&P 500 fell 0.4% Monday and deepened its loss since the war began to pull 9.1% below its record. The Dow Jones Industrial Average rose 0.1%, and the Nasdaq composite fell 0.7%. Caution was prevalent throughout markets. After jumping to an initial gain of 0.9%, the S&P 500 quickly erased nearly all of it before seesawing lower. Indexes rose in Europe but fell sharply in some Asian markets, while the price of U.S. oil topped $100 per barrel.
China factory activity rebounds in March as Iran war looms over growth
HONG KONG (AP) — China is reporting that factory activity expanded in March, reversing two straight months of contraction. However, analysts say the prolonged impacts from the Iran war could weigh on growth prospects. The National Bureau of Statistics said Tuesday that the manufacturing purchasing managers index rose to 50.4 from 49 in February, its highest level in a year. A years-long property sector slump in China has weighed on economic growth and weakened domestic consumption and investment demand in China, the world’s second-largest economy after the U.S. It has been reliant on growth in exports to help drive its economy, which analysts say could now be prone to rising global energy costs caused by the Iran war.
Worries about global economic pain deepen as the war in Iran drags on
WASHINGTON (AP) — U.S. and Israeli attacks on Iran have darkened the outlook for the world economy. The conflict has driven up oil, natural gas and fertilizer prices and sent global stock markets reeling. Developing countries have been forced to ration fuel and subsidize energy costs to protect their poorest. Ongoing strikes and counterstrikes on Persian Gulf refineries, pipelines, gas fields and tanker terminals threaten to the prolong the global economic pain for months, even years. There previously was optimism the world economy could shrug off damage from the Iran war. But those hopes are fading as threats to the Gulf’s energy infrastructure continue.
Kosovo, one of Europe's poorest countries, struggles as Iran war drives up fuel prices
PRISTINA, Kosovo (AP) — Kosovo is one of the Europe's poorest countries and struggles with a steep rise in fuel prices caused by the Iran war. A company that produces potato chips and other snacks for domestic consumption and export says a price hike affects both planting and distribution. Neighbors like Serbia, Hungary and Romania have imposed measures to mitigate effects of the crisis, but Kosovo's government is yet to act. Kosovo's economy has struggled since the country declared independence from Serbia in 2008 after a war.
Fed is watching energy price spikes, but Chair Powell says bank is limited in what it can do
CAMBRIDGE, Mass. (AP) — Federal Reserve Chair Jerome Powell says it's important to closely monitor inflation amid a spike in energy prices from the Iran war as the average price for for gasoline nears $4 a gallon in the U.S. But he also said Monday, addressing students at Harvard University, that there isn't a lot Fed policymakers could do. Powell said that energy shocks “tend to come and go pretty quickly” and monetary maneuvers work over the longer-term. In his wide-ranging remarks, Powell also acknowledged young graduates were entering a challenging job market.
New York Times accuses Pentagon of flouting judge's order blocking its press access policy
WASHINGTON (AP) — A New York Times attorney claims the Pentagon has flouted a court order blocking it from enforcing a policy limiting news reporters’ access to the Defense Department’s headquarters. U.S. District Judge Paul Friedman didn’t immediately rule from the bench on Monday after hearing a second round of arguments from lawyers for the newspaper and the government. The Times claims Pentagon officials implemented a revised press policy that circumvents a prior ruling by Friedman. The newspaper urged the judge to compel the government's compliance with his March 20 order. In that ruling, Friedman said the Pentagon’s new credential policy violated journalists’ constitutional rights to free speech and due process.
Air Canada CEO will retire this year after his English-only crash message was criticized
TORONTO (AP) — Air Canada says CEO Michael Rousseau plans to retire. Rousseau had faced criticism over an English-only condolence message after a deadly crash this month at New York’s LaGuardia Airport. The airline based in French-speaking Quebec said Monday that Rousseau told the board he will retire by the end of the third quarter. Two pilots died after an Air Canada Jazz flight from Montreal hit a fire truck on the runway. One pilot was a French-speaking Quebecer. Prime Minister Mark Carney and Quebec Premier François Legault criticized the airline CEO's English-only message. Hundreds have complained to Canada’s language watchdog.
