Petrochemical fuel for internal combustion engines
Electric-vehicle prices have risen in July as automakers tighten incentives after the expiration of federal tax credits. Analysts say limited supply and luxury demand are keeping prices high, while cheaper, mass-market models could pressure the market later in 2026.
Inflation has remained stubbornly high as energy prices stay elevated following the Iran conflict. Across the U.S. and UK alike, prices have moved little since last month, with energy and food costs continuing to weigh on households. Analysts say ongoing volatility will keep consumer costs under pressure in the near term.
The US‑Israel war on Iran has pushed energy, fertilizer and transport costs higher and forced global agencies to cut growth forecasts. The OECD and other groups have reduced 2026 growth projections, UNICEF has reported soaring freight bills and delivery delays, and US consumer sentiment has ticked up slightly as gas prices ease (15 June 2026).
Oil and petrol prices have fallen after the U.S. and Iran reached a tentative deal to reopen the Strait of Hormuz, but global inventories and U.S. strategic reserves have dropped to decades-low levels and will take months to rebuild. Consumers are seeing smaller pump prices now; wholesale and crude markets remain fragile while production, shipping and refinery capacity restart is underway.
The Bureau of Labor Statistics has reported that U.S. consumer prices rose 4.2% in the 12 months through May, the fastest annual pace since April 2023, driven largely by a surge in energy and gasoline costs. Core inflation has remained cooler at 2.9%, while producers’ prices and oil-driven wholesale gains have also accelerated ahead of the Federal Reserve’s June meeting.
Producer prices have risen in May, driven by energy costs, with wholesale inflation at 6.5% year over year. Core measures excluding energy show continued pressure; economists warn cost pressures may spread to consumers.
Gas prices have declined for three weeks as tensions ease and the Strait of Hormuz debate continues; oil benchmarks have pulled back from peaks as markets anticipate potential reopening and a surge in tanker traffic.
Gasoline costs have fallen below the $4 threshold as the Strait of Hormuz reopens under a U.S.–Iran accord. Prices remain volatile and relief is slow to reach all regions; flows are still normalizing and broader inflation remains a concern.
Retail volumes have risen in May as hot weather and promotions boosted demand. Online sales and department stores led the gain, while food retailers fell. The three-month trend remains mixed amid shifting consumer behavior.
Canada has launched a C$3.2 billion plan over ten years to increase competition in the grocery sector, expand domestic processing, and boost year-round fruit and vegetable production in response to high grocery prices.
A Reuters/Ipsos poll shows Americans are skeptical about lasting peace with Iran even as a deal opens shipping lanes. Trump’s popularity on Iran-related issues has slipped, and gas prices remain elevated. The Reuters/Ipsos poll covers 1,262 U.S. adults and highlights bipartisan concerns ahead of midterms.
The Financial Conduct Authority has had parts of its £9.1bn motor‑finance compensation scheme suspended after legal challenges from Volkswagen Financial Services, Mercedes‑Benz Financial Services, Crédit Agricole Auto Finance and consumer group Consumer Voice. The Upper Tribunal has set hearings for December or February; lenders will not need to calculate or pay redress while legal proceedings continue, delaying mass payouts until at least 2027 if the scheme survives.
The Fed has maintained policy amid inflation that remains above the 2% goal. Markets are watching for Warsh's approach, with two potential paths emerging as data guides policy. Public appearances and congressional testimony will shape expectations for rate moves this year.
Authorities from the US and Mexico are expanding efforts to combat cross-border crime, including sanctions against cartel-linked entities and measures targeting fuel theft networks that fund violence. The actions come as Washington and allied governments seek to disrupt illicit revenue streams and curb drug trafficking across the region.
U.S. Treasury yields have fluctuated amid hawkish signals from Fed Chair Warsh and ongoing data momentum. Investors await key jobs data and FOMC minutes to gauge policy direction.
The US and Iran have exchanged fresh strikes this weekend and on Monday, reversing a recent interim ceasefire and re‑opening doubt over control of the Strait of Hormuz. President Donald Trump has declared the ceasefire "over," ordered further strikes and revoked a temporary oil waiver. Oil has jumped into the high $70s–$80s and global markets have fallen.
Automakers have pulled several electric models from the U.S. market even as quarterly EV sales have risen. Q2 2026 U.S. consumer EV purchases have reached 247,226 vehicles, a sequential rise driven by higher fuel prices, new low-cost entrants and state rebates. Manufacturers and startups are responding with cheaper models, but many legacy brands have cancelled or delayed U.S. EV projects.
Fuel shortages persist across Russia as Ukrainian drone strikes disrupt refineries and supply networks. Regions report rationing, long queues at petrol stations, and authorities are imposing export bans while exploring imports to stabilise domestic supply. Prices have risen as the crisis deepens.
Oil prices remain near multi-week highs as tensions surrounding the Strait of Hormuz escalate. The US has reimposed a naval blockade on Iran, Iran warns it will respond, and analysts expect intermittent supply disruptions to keep prices elevated in coming quarters.
Grocery volumes have declined while prices stay elevated, signaling that higher costs are shifting consumer behavior. Retailers and manufacturers are using promotions and value-focused tactics to regain unit growth, with Bain’s data showing volume declines despite inflation aiding sales in the sector.
Ukrainian drone strikes have damaged Russian oil infrastructure, triggering fuel shortages across the country. Authorities report production hiccups, rationing in some regions, and attempts to stabilise supplies amid heightened price pressures. The government has sanctioned imports and redirected shipments to mitigate the impact.
The political landscape remains deeply divided as parties press their bets ahead of the 2026 midterms. Democrats emphasize affordability and candidate momentum while Republicans highlight concerns about messaging and a changing economy. Trump’s address and congressional responses shape the campaign climate.
Renewed US–Iran strikes and a US naval blockade have pushed oil above $90 a barrel and cut tanker traffic through the Strait of Hormuz. Shipping, insurance and refining costs have surged faster than crude, lifting diesel and jet-fuel premiums and pushing US pump prices toward $4 a gallon; analysts warn sustained disruption will force further price rises.
Democrats have launched an affordability-focused campaign as 100 days remain before the midterms. Jeffries vows to cut living costs, emphasize healthcare, and crack down on price gouging while Democrats seek to regain a House majority amid concerns about Iran and economic pressures.
Brent crude has fallen about 8–9% to below $88–$92 a barrel after prices briefly topped $100 last week. The drop follows pauses in US–Iran strikes and reports that both sides have halted attacks to allow diplomacy. Markets remain volatile because shipping through the Strait of Hormuz and the Red Sea is still disrupted and analysts warn supply risks and inflationary pressure persist.
Since late May more than 160,000 foreign nationals have returned or been repatriated from South Africa, with governments reporting 115,000 back to Zimbabwe and 56,000 to Malawi; many returns have followed protests that have targeted migrants, sparked violent attacks and diplomatic rows across Africa. Petitioners have asked the ICC to examine whether the violence and state failures constitute crimes against humanity.
The conflict in the Middle East is intensifying as Yemen's Houthi rebels claim missile strikes on Saudi targets, prompting responses from Saudi-led forces and US officials. Washington is weighing strikes on Iran as the region sees a widening front, with naval blockades and interceptions shaping an increasingly volatile Red Sea corridor.
The Senate and House are pressing ahead with scheduling amid talks on government funding, crypto regulation, and voting integrity. Republicans push for votes on the SAVE Act and the CLARITY Act, while Democrats warn that bipartisan support is required to avert a lapse in funding and to address other urgent policy items.
Polls indicate mounting public concern over the Iran conflict in the US, with a majority doubting stability in the region and fearing higher fuel costs. Support for continuing military action is waning ahead of the midterms as Trump’s handling of the war comes under scrutiny.
China pushes back on claims of “China Shock 2.0,” arguing the issue is untenable and viewing recent trends as an opportunity, while preparing to meet U.S. tariffs and EU protections.
The Conference Board has reported that the U.S. consumer confidence index has fallen to 90.8 in July from 92.2 in June. Current business and labor conditions have weakened, while short-term expectations hold steady. Gas prices have risen again amid Middle East tensions, and inflation has accelerated as households’ inflation-adjusted incomes decline. The survey covers July 1–22.
The Federal Reserve has kept its target range at 3.5%-3.75%, with three regional presidents dissenting in favor of a quarter-point rate increase. Chair Warsh has emphasised inflation as a priority while signalling uncertainty about future moves. Markets have priced in possible action later this year as data rolls in.
Six of Europe’s biggest oil groups report profits surging year-on-year as turmoil around the Strait of Hormuz tightens supply and pushes prices higher. U.S. and European majors show windfall gains amid disruptions, even as lawmakers debate windfall taxes and consumer costs rise.
Oil majors have reported bumper profits for Q2 as volatility from Iran-related tensions sustains high crude prices. Executives say they are boosting reliability and refining where needed while returning cash to shareholders. Trump has criticized profits and urged lower prices at the pump.
Oil majors have posted strong quarterly profits amid continued volatility from the Iran-U.S. conflict and the Hormuz Strait. Aramco and European peers report multi-billion results, while policymakers and markets watch for potential windfall taxes and supply routes.
The US is considering an off-ramp from the Iran conflict as officials say air strikes alone may fail to meet goals. Discussions involve top advisers and notes of potential agreements with Iran and Oman over Hormuz shipping routes. Officials deny public discussion of confidential conversations.
Inflation has cooled slightly, with July CPI rising 3.4% year over year, while COLA estimates for 2027 range around 3.6% to 3.8% according to the Senior Citizens League and government projections. The debate centers on how well next year’s Social Security payments will keep pace with higher living costs, especially for seniors on fixed incomes.
The latest data show inflation cooling in July while wholesale prices slow and gas costs retreat, signaling a possible continuation of easing consumer prices. Yet analysts warn wage growth and volatile energy prices could rekindle pressure in coming months.
Commerce Department data show July retail sales have declined by 0.6%, marking the steepest monthly drop since May 2025 and signaling softer consumer demand after a burst of spending earlier in the year. Auto, gas, and online categories led the weakness, while apparel and home goods posted gains. Analysts say a weaker jobs picture and inflation readings raise questions about the pace of growth in Q3.