Commerce Secretary Howard Lutnick said President Donald Trump’s proposed $5,000 dividend for U.S. adults would not come from tax money. Other administration officials have pointed to tariffs or congressional action as possible funding sources for a plan estimated to cost around $1 trillion or more.
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BRICS leaders are meeting in New Delhi for a summit focused on trade, energy, technology and global conflicts. The gathering comes as wars in Ukraine and Iran, sanctions and U.S.-China tensions test the expanded bloc’s unity.
Saudi Arabia has shut its East-West oil pipeline after drone attacks launched from Iraq hit facilities in the Riyadh and Medina areas. Iraq condemned the strike, dismissed a commander in Maysan province and opened an investigation.
U.S. inflation held at 3.4% in August, slightly above expectations, as diesel and gasoline prices climbed. The report adds pressure on the Federal Reserve ahead of its next interest rate decision.
Houthi forces have seized key coastal positions and reportedly reached Perim Island in the Bab el-Mandeb Strait, strengthening their position over a vital Red Sea shipping route. The advance comes amid rising oil prices, renewed fighting in Yemen and warnings of a growing humanitarian crisis.
The national average diesel price has reached $6 a gallon for the first time, intensifying pressure on transportation, farming and food costs. Analysts cite the Iran war, refinery disruptions and reduced Russian diesel exports as key drivers.
Oil prices rose to their highest levels since May as Middle East tanker attacks and uncertainty over Iran fueled supply fears. The surge lifted gasoline prices, bond yields and market expectations of a Federal Reserve rate hike next week.
Oil and gas prices surged as fighting between the US and Iran disrupted Gulf energy routes, driving up inflation fears and government borrowing costs. The European Central Bank raised rates to 2.5% and warned inflation may last longer than expected.