US gas prices dip below $4 for 1st time since March but remain 25% higher than last year
NEW YORK (AP) — U.S. gas prices have fallen to just below $4 a gallon on average, bringing some relief to drivers who have seen soaring costs amid Washington’s war with Iran. But filling up is still more expensive than it was before the conflict began. According to AAA, a gallon of regular gasoline is now averaging at $3.999. It’s the first time since March that prices have been that low. The drop aligns with easing crude oil costs overall, as markets feel hopeful about an initial agreement between the U.S. and Iran to end the war. Still, American drivers are collectively paying a $1 more per gallon than they were in late February.
Stranded ships have begun transiting the Strait of Hormuz, maritime data company says
Maritime data company Lloyd’s List Intelligence says major shipowners have begun moving vessels through the Strait of Hormuz. For the first time in 110 days, ships owned by major companies are transiting the strait after effectively being marooned there since February. The strait is a critical passageway for the world’s oil and natural gas. Its closure has created a historic energy crisis. Tankers controlled by major ship owners Grimaldi Group, Cosco, Knutsen and NYK have passed through the strait. Lloyd’s List estimated that 550 merchant ships will need to prepare to exit the Persian Gulf, including 160 tankers, 200 bulk carriers, 60 container ships and 10 vehicle carriers.
World Cup ticket buyers are left stranded as resale purchases fall through
ATLANTA (AP) — The World Cup has been delivering thrills on the pitch, but fans have flooded social media with complaints about tickets that never arrived, orders canceled at the last minute and hours spent trying to sort out problems between FIFA’s ticketing system and outside resale platforms. Many complaints seem to be about industry titan StubHub, but people have also reported problems when buying through competitors such as SeatGeek and Vivid Seats. Interviews with fans and industry experts show some cases stem from technical glitches, while others could involve sellers who never had tickets in the first place. FIFA says sales through its official site are guaranteed to go through.
Black bank card program to steer cash payments to single mothers in government housing
One of the few Black-owned banks in the U.S. is introducing a debit card aimed at helping single mothers who live in government subsidized housing escape poverty. The Bank King Card debit card will be offered beginning Friday in honor of Juneteenth by Redemption Bank, which will make a donation from every account opened to nonprofits that will steer the funding to needy families. Redemption Holding Co. chair and Chief Executive Ashley Bell says the program opens “America’s vaults of opportunity that have been closed to too many for too long.” A 2026 report by the Urban Institute and the Jeremiah Program says households led by single mothers experience widespread economic and caregiving hardship.
The Trump administration says it is cutting student loan interest. Here are some facts and context
WASHINGTON (AP) — The Department of Education has announced a reduction in interest rates for federal student loans, describing it as part of a plan to make higher education more affordable. With growing numbers of borrowers in default, the Trump administration pitched the temporary, 1% reduction in student loan interest rates as a salve for those struggling with repayment. Education Undersecretary Nicholas Kent said Thursday that the change is a way of “making student loan repayment easier than ever” and of improving “the overall health of the federal student loan portfolio.” But the change does not apply to all borrowers, and those pursuing the reduction will need to meet eligibility criteria.
World shares are mixed and US futures fall after a tech-led rally on Wall St
BANGKOK (AP) — World shares are mixed, with markets in Greater China closed for holidays. U.S. futures declined as optimism over the U.S.-Iran deal to end their war was dimmed by the postponement of high-stakes talks on reopening negotiations over Iran’s nuclear program and getting oil moving through the Strait of Hormuz. Sentiment has also been hit by expectations that central banks including the Federal Reserve will keep raising interest rates to try to curb inflation. On Thursday, the S&P 500 rose 1.1% and the Dow industrials added 0.1%. The Nasdaq composite jumped 1.9%. U.S. markets will be closed Friday for Juneteenth.
U.S. filings for unemployment benefits fall to 226,000 last week as layoffs remain historically low
WASHINGTON (AP) — The number of Americans applying for jobless aid fell modestly last week as layoffs remained in the same historically low range of recent years. U.S. applications for unemployment benefits in the week ending June 13 dropped by 4,000 to 226,000, the Labor Department reported Thursday. That’s in line with the 225,000 new applications forecast by analysts surveyed by the data firm FactSet. Weekly filings for unemployment benefits are considered representative of U.S. layoffs. The total number of Americans filing for unemployment benefits for the previous week ending June 6 rose by 24,000 to 1.81 million, slightly more than analysts predicted.
Federal regulators order grid operators to speed power to energy-hungry AI data centers
WASHINGTON (AP) — Federal regulators have ordered regional grid operators to help large energy users connect more quickly to the nation’s inefficient and aging electric transmission system. They're saying it's a step needed to accommodate surging demand from power-hungry artificial intelligence data centers. The Federal Energy Regulatory Commission said its order leaves states in control of retail electric rates, terms and conditions. The commission’s actions come as a backlash grows against data centers over concerns about the massive amounts of energy and water they use and fears about noise and air pollution, water shortages and a loss of open space or farmland.
Cuba pushes through sweeping free-market reforms in biggest economic shift since the revolution
HAVANA (AP) — Observers are calling Cuba’s new free-market reforms the most sweeping economic overhaul on the island’s communist economy since the Cuban revolution while the grandson of former President Raúl Castro says in an interview that Cuba must seek to move its economy forward. The measures are slated to further decentralize Cuba’s state-run economy, which has been left gasping by a tightened embargo under President Donald Trump. Under the island’s current economic model, the government largely determines what is produced, who produces it, the prices at which goods are sold and how the country’s resources are allocated.
Federal Reserve policymakers show support for rate hikes as Warsh reins in guidance
WASHINGTON (AP) — The Federal Reserve kept its key rate unchanged Wednesday yet nearly half the central bank’s policymakers said they could support a rate hike later this year, an unexpectedly aggressive outcome that would disappoint President Trump and suggests heightened concerns about persistent inflation. In an unusually short statement after their two-day meeting, Fed officials dropped language that had suggested their next move would be to cut their key rate. The brief statement reflects the influence of new chair Kevin Warsh, appointed by Trump, who has previously criticized the Fed for commenting too broadly on the economy.
