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Is 4% the new 2%? U.S. inflation has been above the Federal Reserve's target for so long that many observers believe policymakers have implicitly accepted a higher level. The worry now is that it just keeps rising. Businesses, consumers and investors could be forgiven for thinking that policymakers, despite their repeated commitment to the Fed's 2% goal, are comfortable with 3% inflation. Headline annual PCE and CPI inflation rates have been above the Fed's 2% target every single month [Read more]

Land management company EagleRock is targeting a valuation of up to $2.6 billion in its initial public offering in the United States, as it seeks to tap renewed investor interest in the energy sector. The Houston-based company said it was aiming to raise up to $346 million in the IPO by offering 17.3 million shares priced between $17 and $20 apiece. Goldman Sachs, Barclays, J.P. Morgan, Piper Sandler and Raymond James ⁠are among ​the underwriters for the offering. EagleRock intends ​to [Read more]

The United Arab Emirates on Monday accused Iran of attacking an empty crude oil tanker belonging to the Abu Dhabi state oil firm ADNOC with drones as it attempted to pass through the Strait of Hormuz. ADNOC's maritime energy logistics unit said the Barakah was empty when it was attacked by two drones, and no injuries were reported. "The UAE further stressed the need for Iran to halt these unprovoked attacks, ensure its full commitment to an immediate cessation of all hostilities, and the [Read more]

Iran warned the U.S. Navy against entering the Strait of Hormuz, according to a statement from the unified command of Iran's armed forces reported by state media, after the U.S. announced it would start an effort on Monday to free ships stranded in the waterway. "We have repeatedly said the security of the Strait of Hormuz is in our hands and that the safe passage of vessels needs to be coordinated with the armed forces," the Iranian statement added. (Reporting by Dubai Newsroom; Editing [Read more]

It's easy to dismiss the agreement by the seven remaining members of the OPEC+ group of crude oil exporters to increase output for a third straight month in June as merely symbolic. Certainly, as long as the Strait of Hormuz remains effectively closed, the decision to lift production by 188,000 barrels per day (bpd) is largely meaningless, especially for the OPEC+ members reliant on the narrow waterway for access to global markets. But just because the decision is symbolic, it doesn't mean [Read more]

A tanker reported being hit by unknown projectiles in the Strait of Hormuz, a maritime security organisation said on Monday, shortly after President Donald Trump said the U.S. would start helping free ships stranded in the Gulf by the U.S.-Israeli war on Iran. Trump provided few details about the plan, which he said would start on Monday to aid ships and their crews that have been "locked up" in the vital waterway and are running low on food and other supplies. "We have told these [Read more]

Oil prices eased on Monday after U.S. President Donald Trump said the United States would begin an effort to free up ships stranded in the Strait of Hormuz, however the lack of a U.S.-Iran peace deal kept prices supported above $100. Brent crude futures fell 64 cents, or 0.59%, to $107.53 a barrel by 2308 GMT after settling down $2.23 on Friday. U.S. West Texas Intermediate was at $101.10 a barrel, down 84 cents, or 0.82%, following a $3.13 loss on Friday. "For the good of Iran, the Middle [Read more]