Oil prices rise after the US says it would block Iranian ports starting Monday
NEW YORK (AP) — Oil prices are rising in early market trading after the U.S. said it would blockade Iranian ports beginning Monday. The price of U.S. crude oil rose 8% to $104.24 a barrel and Brent crude oil, the international standard, rose 7% to $102.29. Brent crude has swung dramatically during the Iran war, rising from roughly $70 per barrel before the war in late February to more than $119 at times. On Friday, ahead of the peace talks, Brent for June delivery fell 0.8% to $95.20 per barrel. Iran has been effectively controlling the Strait of Hormuz, a key waterway for global oil shipping.
US military says it will blockade Iran's ports as ship traffic appears to halt in Strait of Hormuz
CAIRO (AP) — U.S. Central Command says it will begin a blockade of all Iranian ports at 10 a.m. EDT Monday, or 5:30 p.m. in Iran, to be “enforced impartially against vessels of all nations.” But it will allow ships traveling between non-Iranian ports to transit the Strait of Hormuz. That's a step down from an original vow by President Donald Trump to entirely blockade the strait. Early reports are indicating that traffic in the strait has ground to a half since the blockade was announced. The two-week ceasefire remains in doubt. Pakistan, which hosted the talks, says it will seek more dialogue.
What to know about Trump's tax breaks for tips and overtime when filing state tax returns
Millions of Americans are expected to claim new federal tax breaks for tips and overtime wages under a law enacted by President Donald Trump. However, many states have decided not to match these federal changes. That means workers who receive federal deductions for tips or overtime will still owe state taxes on those earnings. Federal tax deductions for tips, overtime and auto loan interest are being matched in only about a half-dozen states. Arizona's situation is unique -- the tax deductions are being offered there under an executive order, even though state law has not been changed to officially allow them.
Workers at major Colorado meatpacking plan win wage increases in deal with JBS USA
Workers at the Swift Beef Co. plant in Greeley, Colorado, have reached a deal with plant owner JBS USA. Both parties announced the agreement on Sunday, ending weeks of uncertainty at one of the largest meatpacking plants in the country. The deal calls for wage increases and a bonus, and wraps up a multiweek bid for higher wages and better health care by unionized workers. The company said in its announcement that the meat processing plant will immediately return to normal operations. JBS is the world’s largest meatpacking company with a market capitalization of $17 billion. It is the top employer in Greeley, a city of more than 100,000 people northeast of Denver.
‘The Super Mario Galaxy Movie’ rockets to $629 million worldwide at the box office
“The Super Mario Galaxy Movie” is dominating the box office in its second weekend. Universal and Illumination's sequel added $69 million from 4,284 theaters in the U.S. and Canada. Its domestic total now stands at $308.1 million, with a global total of $629 million. The figures mark a 48% drop from its first weekend, which is modest for a blockbuster. The sequel cost $110 million to produce and is being considered a hit despite not matching the first film's initial success. Meanwhile, Universal's “You, Me & Tuscany” debuted in fourth place with $8 million. The romantic comedy starring Halle Bailey and Regé-Jean Page is getting mixed reviews but positive audience feedback.
Irish prime minister announces fuel tax cuts to stop protests over soaring pump prices
LONDON (AP) — Irish Prime Minister Micheál Martin says his government will offer new fuel tax cuts to address protests over soaring fuel costs. He criticized the tactics of farmers and truckers who blocked access to the nation's only oil refinery and several depots. The package, worth nearly $600 million, aims to ease cost-of-living pressures since the U.S.-Israel war on Iran cut off a major route for global oil supplies. Protests that began on Tuesday have caused chaos, with blockades preventing fuel deliveries. Police began breaking up the protests on Saturday. The relief measure needs parliamentary approval. It’s unclear if the proposal will quell the uprisings.
Lessons learned in '70s have made the US and world economies less vulnerable to oil shocks
WASHINGTON (AP) — The world economy is experiencing a disorienting flashback to the 1970s. Oil prices are surging in the wake of war in the Middle East, and that's driving up the cost of gasoline, diesel and jet fuel and threatening a return to stagflation. But the U.S. and world economies are less vulnerable now than they were when Saudi Arabia and other Middle Eastern petroleum producers withheld oil supplies to punish countries that supported Israel in the 1973 Yom Kippur War. Countries have since embarked on a new course to increase their energy efficiency, reduce their dependence on Middle Eastern oil, stockpile fuel against future threats, and find and develop alternative sources of energy.
Buyers fret as the average cost of a new car nears $50K
DETROIT (AP) — Vehicle ownership has long been a big part of the American dream. But it is getting harder for some buyers as automakers pare back cheaper models to chase well-heeled customers who can afford big, loaded pickups and SUVs. New vehicles now list for an average of nearly $50,000, up 30% in six years. That is leading more consumers to loans that spread the cost over as much as seven years. Meanwhile, the used market has its challenges. The number of vehicles listing for less than $30,000 has dropped sharply in the past five years. The challenge of buying a car is part of rising concerns about affordability throughout American life.
Judge bars Arizona from regulating prediction market operators and pauses prosecution of Kalshi
PHOENIX (AP) — A judge has temporarily barred Arizona from enforcing its gambling laws against predictive market operators like Kalshi. The judge ruled Friday in a lawsuit filed by the Trump administration after state prosecutors filed criminal charges that alleged Kalshi is running an illegal gambling operation in Arizona. The ruling also halted Arizona’s criminal case against Kalshi, which was scheduled for an arraignment hearing Monday. The federal Commodity Futures Trading Commission had sued Arizona in response to Arizona’s enforcement. Kalshi maintains it’s a financial marketplace rather than a gambling operation.
Tribal gas stations offer a reprieve from high prices during Iran war
FORT COLLINS, Colo. (AP) — Gas prices are still rising due to the Iran war but drivers are saving by fueling up at tribally owned gas stations. Especially in California, New Mexico, New York, Oklahoma and Washington state, tribes exempt from state fuel taxes offer much lower prices than gas stations nearby. Apps such as Gas Buddy make finding such stations easy. Nationwide, average prices are up more than $1 a gallon since the war began but some tribally owned gas stations offer savings of 50 cents or more. As with other convenience stores, the real profits aren't in gasoline but selling snacks and, on many reservations, getting drivers to gamble in casinos.
