Oil Prices Surge, Fueling Inflation Woes

0:00It's April 30th. This is Durham News Today, powered by AI. Oil prices are spiking hard from the ongoing war, hitting our wallets with fresh inflation woes. Data from AAA and gas buddy backs it up, and Goldman Sachs just dropped a report saying crude flows through the straight of hormones will recover slower than thought. They're bumping up their inflation forecasts across the board. In their baseline view, Brent crude averages $100 a barrel this April and May may be dropping to $90 by late 2026. If things calm quick, but an adverse case sees it at 125 in July and worst case hits 125 in May before easing to 120 by year end that could push U.S. gas above $5 a gallon like we saw back in June 2022. We're somewhat self-sufficient here, but imported goods would sting more. Globally, it's rougher. Asia's already short on diesel, Europe's farms need Middle East fertilizers and chemical users everywhere feel the pinch.

1:00Air freight's taken the biggest hit so far from disruptions, but prolonged closure ramps up the pain for everyone. The Fed held rate steady at 3.5 to 3.75% this week, while stocks dipped overall, except tech pushing NASDAQ. Higher, keep eyes on that straight. How long it stays jammed sets the temple for prices ahead.