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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.

Oil prices fell as investors weighed the threat of further attacks on Saudi Arabian energy infrastructure against concerns that elevated prices could erode demand.

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.

Stocks on Wall Street closed broadly lower Friday as oil prices climbed to their highest level in more than four years, ratcheting up pressure on the market.

A resurgence in oil prices dragged down stocks and bonds, stoking concerns about inflation just days ahead of the next Fed decision. Brent crude topped $116 as a flare-up in Middle East violence threatened global supply. The S&P 500 saw back-to-back losses, even as selling pressure on tech firms abated. Yields rose after the market’s best day in more than a year. Joe Weisenthal, Bloomberg ‘Odd Lots’ Podcast Co-Host, joins to wrap up the week in markets ahead of the next Fed decision and more tech earnings. Jayati Bharadwaj, Head of FX Strategy at TD Securities, weighs in on a rush to safe haven trades. Plus, Bloomberg News AI Infrastructure Reporter Dina Bass joins to discuss her reporting on Blackstone's bet on chips driving a debt boom. Finally, Zscaler CEO Jay Chaudhry on internet security in light of new PHP vulnerabilities across the web. (Source: Bloomberg)

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...

CFTC Chairman Michael Selig says the agency is keeping a close eye on prediction markets ahead of the US midterm elections. Selig says he's disappointed Congress did not pass the Clarity Act which would have set up new rules for the crypto industry. Selig also says the agency is scrutinizing oil market trading related to President Donald Trump's announcements about the war in Iran. He speaks to Bloomberg's Tyler Kendall at the Agricultural Commodity Futures Conference in Overland Park, Kansas. (Source: Bloomberg)

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%.

The upcoming midterm elections will be a report card on Trump and the Republicans. The diesel deal with Putin provided no price relief at the pumps and made no sense.

The price of silver plummeted to its lowest level in 11 months as oil prices have surged this week.

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%.

Experts say the national average price of a gallon of gas likely will remain above $4 heading into Election Day, adding to Americans' financial burdens as Republicans fight to maintain control of Congress.

Airlines are reporting fewer people flew in the third quarter as airfare surged on fuel costs, but executives say travelers are mostly swallowing higher fares.

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.

Rolling coverage of the latest economic and financial news Rob Wood , chief UK economist at Pantheon Macroeconomics, says the biggest news is from S&P’s PMI data is the composite employment index rising above 50 for the first time since the 2024 budget. He said: The jobs balance rose to 50.5 from 48.9 in September, consistent with a 9K month-to-month payrolls gain in October. Solid growth is helping, probably alongside an easing drag from the payroll-tax hike. …The steady recovery in jobs growth further undermines any case for waiting to hike rates. A November rate hike is a shoo-in, and we expect another rone in February. We are very close to adding a third hike in May or earlier. It’s a really close call, but at the margin, we hold off after weak consumer signals this morning. It would take little—small further energy price rises, a hawkish DMP—to push us to three hikes. There are reports of paused spending due to a lack of clarity on domestic economic policy in the run up to the budget, meaning the promising economic picture from the latest PMIs should provide an encouraging base for further robust economic growth through the winter months, barring any adverse surprises to businesses in the tax and spending review. Geopolitics, and notably the potential for conflicts in the Middle East and Ukraine to add to energy market volatility, are, however, clearly still unsettling many businesses, and cost of living concerns and broader fiscal worries are being compounded by the shift to higher borrowing costs. Continue reading...

U.S. President Donald Trump accused Iran on Thursday of trying to manipulate the oil market.

Brent oil headed for a third weekly gain as attacks on Saudi Arabia raised the risk of wider Middle East supply disruptions. The flareup threatens to widen hostilities around the Strait of Hormuz, where crude exports have recovered to near prewar levels. Bloomberg's Abeer Abu Omar reports. (Source: Bloomberg)

President Trump claimed that Iran is intentionally driving up oil prices ahead of the U.S. midterm election after the country took responsibility for striking oil tankers near the Strait of Hormuz. CBS News national security analyst Aaron MacLean has more.

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 on Thursday authorized the War Department to use federal purchasing power and financial support to expand domestic petroleum production, refining and transportation infrastructure, citing threats to military readiness and national security.