President Trump accused Chevron, ExxonMobil and other oil companies of making “too much money” from higher crude prices tied to the Iran war and urged them to cut gasoline prices. U.S. gasoline averages about $4.11 a gallon, according to AAA data cited by The Guardian.
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Twenty-five states sued the Trump administration over new tariffs of 10% to 12.5% on goods from 60 trading partners. The states say the tariffs are unlawful and seek to block them and secure refunds for duties already paid.
Japan and the United States jointly bought yen last week in their first coordinated currency intervention since 2011. Officials said they are prepared to act again after the yen’s slide to a 40-year low.
Trump said new negotiations with Iran will begin Monday after he halted planned U.S. strikes. Iran has not confirmed the talks, and a semi-official Iranian outlet denied Tehran asked Washington to hold off on military action.
Capital One says it closed more than 300 Trump-affiliated accounts after an anti-money-laundering review, not because of political bias. The bank is seeking permanent dismissal of a lawsuit brought by the Trump Organization and Eric Trump.
The average 30-year fixed mortgage rate rose to 6.66%, the highest level in a year, as inflation worries, oil prices and signals from the Federal Reserve pushed borrowing costs higher. The increase adds pressure to a sluggish housing market marked by high prices and weak sales.
The Bank of England held interest rates at 3.75% but said it could raise them if the Iran war keeps energy prices high. Governor Andrew Bailey stressed the Bank is not currently steering markets toward a hike.
The U.S. economy grew at a 1.5% annual rate in the second quarter, below forecasts, as the Iran war, higher energy prices and rising imports weighed on output. Inflation eased in June but remained above the Federal Reserve’s target, while consumer spending stayed solid.