Lates News

Economists warn that it may take some time for the Strait of Hormuz to resume normal shipping and for natural gas prices to fall back to pre-conflict levels. However, they say that the U.S. inflation rate accelerated in May to its fastest pace in over three years, but this trend is likely to have peaked. "If there's one thing we've learned in the past three months, it's that predicting trends in the energy and oil markets is very difficult," said Citigroup's chief U.S. economist, Andrew Hollenhurst. "But overall, I think everyone would agree that the current trend is downward." News of a temporary agreement between the U.S. and Iran led to a drop in oil prices and boosted the stock market. Santander's chief U.S. economist, Stephen Stanley, said, "The market has concluded that the agreement has been completed smoothly, and we are essentially returning to a situation close to pre-conflict levels."