business
As Hormuz crisis eases, gas prices may drop—other costs like groceries and home goods could stay high for a while
Key takeaways
- Americans could see some relief at the gas pump after oil prices tumbled Monday on news of a tentative agreement to reopen the Strait of Hormuz.
- U.S. crude oil futures have fallen to under $80 a barrel, their lowest level since March.
- The impact of oil prices extends beyond gasoline.
Americans could see some relief at the gas pump after oil prices tumbled Monday on news of a tentative agreement to reopen the Strait of Hormuz.
U.S. crude oil futures have fallen to under $80 a barrel, their lowest level since March.
The impact of oil prices extends beyond gasoline. As a rough rule of thumb, every 10% sustained increase in oil prices adds as much as a third of a percentage point to annual inflation over the following year, according to Christopher Hodge, an economist at Natixis CIB Americas.
Article preview — originally published by CNBC. Full story at the source.
Read full story on CNBC →
More top stories
Aggregated and edited by the Scoop newsroom. We surface news from CNBC alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop