what to watch for
President Donald Trump, in a Truth Social post, signaled he instructed the Justice Department to look into oil companies for not lowering gas prices despite the drop in crude costs: “The big Oil companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” adding customers are being “gouged.”
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big number
More than 11,000. That’s how many seafarers stranded in the Persian Gulf will exit through the Strait of Hormuz after security guarantees were secured, International Maritime Organization Secretary-General Arsenio Dominguez said in a statement.
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key background
The U.S. and Iran recently struck an agreement requiring Iran to reopen the Strait of Hormuz, through which roughly one-fifth of the global supply flows. A broadening conflict in the Middle East saw the pathway shuttered, boosting global oil and gas prices while resulting in a surge in inflation in the U.S. The Bureau of Labor Statistics reported earlier this month that its energy index, which tracks shifts in pricing across gas, fuel oil and other energy commodities, accounted for more than 60% of all price increases in May as gas prices jumped nearly 59% annually, the most of any item tracked by the agency. The Federal Reserve, in its latest policymaking decision, noted that inflation “remains elevated” relative to its 2% goal. Central bank officials previously cited an “increased risk” that inflation may take longer to cool than anticipated, with a majority stressing a rate hike may be necessary if higher inflation persisted.
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further reading
ForbesInflation Hit Highest Rate In 3 Years In MayBy Ty RoushForbesTrump Threatens End Of Iran Negotiations If It Charges Fees In Strait Of HormuzBy Sara Dorn