A decrease in oil supply drives up oil prices, which can raise unemployment and inflation. To counter adverse effects on inflation, a central bank may choose to increase its policy rate, potentially reducing economic activity further.

It’s been sort of a national pastime to complain about high prices in the last few years. That often includes high gas prices. Remember, they hit $5 a gallon on average in 2022, peaked the next year right around $4 and haven’t fallen as low as pre ...

Israel’s attack on Iran Friday has catapulted their long-running conflict into what could become a wider, more dangerous regional war and potentially drive prices higher for both businesses and households. Oil and gold surged and the dollar rose as ...

UK headline inflation slows to 3.2%, undershooting expectations and sending the pound to a low for the day. Traders add to bets for rate cuts from the Bank of England through 2026. The inflation rate for food and non-alcoholic beverages slowed to 4.2%, a significant softening from 4.9% the month before.

Oil above $90 and possibly $100 is a recipe for a renewed run in inflation if economies hold off deep recessions. There are high hopes on the markets that the U.S. economy will see a solid third quarter and a decent fourth quarter. OANDA’s Ed Moya ...

Inflation is primarily driven by oil prices, with recent spikes due to the pandemic and Russia's invasion of Ukraine that broke the global energy and food supply chains. The U.S. is now the leading global oil and gas producer, contributing to lower future ...

US President Joe Biden and the World Bank are worried global oil prices could surge even higher if conflict in the Middle East escalates, as the Israel-Gaza war continues and as US and UK attacks on the Iran-backed Houthis in Yemen attempt to blunt their ...

The American economy faces the unwelcome prospect of reignited inflation after the United States launched strikes on three nuclear facilities in Iran.High oil and gas prices are a near certainty, experts say. The big question now: How long will the fossil ...

President Biden is cheering the latest CPI report showing that prices overall declined slightly in June from the prior month. In a statement, the president boasted, “Today’s report shows that we are making significant progress fighting inflation.”

Oil benchmarks have tumbled since the start of October, despite war breaking out in the Middle East. Worries about slowing demand and China's faltering economy have weighed on crude. The slump could drag down gas prices – and help the Fed win its battle ...