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New York’s Metropolitan Transportation Authority, the largest mass-transit provider in the US, anticipates paying an additional $95.6 million for fuel this year after the war in Iran disrupted oil supplies and sent prices soaring.

A surge in jet fuel expenses due to the Iran war has pressured margins for U.S. airlines despite higher airfares and steady demand for air travel.

Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Stocks slide as oil prices rise again ahead of midterms Stocks tumbled on Friday, as oil prices rose again amid the ongoing U.S.-Iran and Russia-Ukraine conflicts. © Yuki Iwamura, The Associated Press At closing, the...

Oil prices climbed to their highest level in six months amid fears of renewed U.S. strikes against Iran and attacks in the Middle East.

Multinational ‘anti-war bloc’ uses Istanbul summit to call for a diplomatic solution to Middle East crisis Foreign ministers at a summit of eight European and Middle Eastern countries have urged the US and Israel not to renews their attacks on Iran, warning a fresh outbreak of fighting would spread conflict and push oil prices even higher. The development of a new multinational “anti-war bloc” represents a challenge to the increasingly open plans by the US and Israel to relaunch strikes on Iran while talks on Tehran’s nuclear programme remain deadlocked. Continue reading...

Investors have grown increasingly concerned that the war in Iran could escalate again, putting energy supplies at greater risk.

Oil prices on Friday hit their highest point since May as the war in Iran drags on. As of Friday morning, futures for international benchmark Brent crude were trading at $116 per barrel, while U.S benchmark West Texas Intermediate traded at about $102. The high prices come as the war in Iran nears the eight-month...

Brent crude oil futures jumped 2.7% to $116.26 a barrel – their highest level since early May and on track for a weekly rise of more than 10%.

Futures are lower as oil prices reach levels not seen since May amid halting efforts to bring the U.S. and Iran back to the negotiation table.Futures for the S&P 500 fell 0.3% Friday, while Dow Jones futures slid 0.6%.

Brent crude rises to $114.72 a barrel after Tehran threatens retaliatory attacks on Gulf oil and tech facilities Business live – latest updates Oil has hit its highest level in more than five months as fears of fresh escalation in the Middle East conflict grip the energy markets. Brent crude, the international benchmark for oil, rose by 1% on Friday morning to $114.72 a barrel – its highest level since May. Continue reading...

CENTCOM says no goods have entered or left Iran by sea, apart from humanitarian aid, since the blockade resumed 100 days ago.

Datacenter and chip costs fueled sharp decrease in AI sector although non-AI stocks still had a strong showing The latest shudder for stocks in the AI industry pulled markets lower worldwide on Thursday, while oil prices hit their highest levels since May on worries about the war with Iran . The S&P 500 fell 1.2% for its worst day since July, while the Nasdaq composite tumbled 2.6%. The weakness for tech stocks was so overwhelming that it masked strength for the rest of the US market, in which the majority of stocks actually rose. The Dow Jones Industrial Average added 11 points, or less than 0.1%. Continue reading...

President Donald Trump has just one way left to bring down gas prices.

Drops for stocks in the artificial-intelligence industry are dragging markets down worldwide on Thursday, while oil prices hit their highest levels since May on worries about the war with Iran.

U.S. equity markets sold off sharply as fears that Israel and the U.S. would attack Iran sent oil prices higher, while stocks failed to hold onto recent gains.

Iran’s IRGC says it hit four vessels in the northern Gulf and three more struck mines near the strait of Hormuz Shipping workers: how is the Middle East conflict affecting you? Business live – latest updates Oil prices jumped to a five-month high on Thursday after ​attacks in Saudi Arabia and hits to tankers in the strait of Hormuz threatened further disruptions to the world’s crude supply. Brent crude, the international benchmark for oil prices, rose by 3% to hit $112 a barrel for first time since 18 May. Continue reading...

The Middle East conflict could flare up again as the U.S. reportedly plans to resume strikes against Iran.

Data: FactSet; Chart: Courtenay Brown/Axios Traders are betting that oil prices will remain elevated for longer than they anticipated just weeks ago, threatening to prolong the inflationary pressures that businesses and consumers have weathered for months. Why it matters: Oil inventories have helped cushion the blow from disrupted Middle Eastern supplies, but much of that buffer has been depleted since the war began. The possibility of sustained price pressures into next year throws into doubt the logic that central banks traditionally rely upon to look through energy price shifts — that they represent a one-time shift in relative prices, not an ongoing inflationary process. That leaves the global economy more vulnerable to another energy price surge, with potentially more lasting consequences for growth, inflation and interest rates than energy shocks of yore. By the numbers: Oil futures for delivery in 2027 — contracts to buy or sell crude next year — have climbed to their highest levels since the Iran war began. Prices for January 2027 are up 17% since early September, to more than $97 a barrel. Markets still anticipate some relief next year, but considerably less than they expected just weeks ago. It's a reversal from late summer, when hopes of easing tensions with Iran and a recovery in Middle Eastern oil supplies briefly pushed futures lower. June futures have jumped 18%, to $88 a barrel, while December futures are up 13%, to about $81. State of play: Crude oil exports from the Persian Gulf, including shipments through the Strait of Hormuz and alternative routes, surpassed prewar levels in the week ending Oct. 18, according to the Wall Street Journal . But the costly workarounds enabling that recovery have their limits. Those include ship-to-ship transfers outside the Strait of Hormuz, where security risks have deterred some vessels. "You're coming up against limitations on actually how much volume you can move out of the Middle East, even with these processes," Christopher Haines, global head of oil at Energy Aspects, tells Axios. Restoring confidence among shipping companies and insurers that vessels won't be attacked will be "exceptionally hard," Haines adds. Zoom in: Economist Robin Brooks argues that oil prices reflect higher shipping costs and fears of further attacks more than actual shortages. Using earlier monthly data, he estimates that Persian Gulf crude exports had recovered to 91% of prewar levels, with a "temporary fear factor" adding at least $20 a barrel. What to watch: The Trump administration is seeking to ease fuel prices ahead of the midterms, most recently by allowing more Russian diesel onto the market. But relief may be minimal: Ukrainian attacks have damaged Russian refineries, while sanctions complicate repairs, limiting additional exports, Haines says. The bottom line: "The market narrative has shifted from "transitory" to "new normal" right before our eyes," Bob Elliot, chief investment officer at Unlimited Funds, wrote Wednesday morning .

The U.S. stock market is rising Tuesday following reports showing strong profits for Equifax, Hasbro and other companies during the summer, while oil prices eased back after nearing their highest levels since the war with Iran began.