{"id":6368,"date":"2026-08-31T23:12:33","date_gmt":"2026-08-31T23:12:33","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=6368"},"modified":"2026-08-31T23:12:33","modified_gmt":"2026-08-31T23:12:33","slug":"gas-topped-4-daily-in-august-for-the-first-time-new-u-s-strikes-on-iran-are-sending-oil-prices-even-higher-again","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=6368","title":{"rendered":"Gas topped $4 daily in August for the first time. New U.S. strikes on Iran are sending oil prices even higher again"},"content":{"rendered":"
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The S&P 500 index fell 0.4%. The Dow Jones Industrial Average fell 348 points, or 0.7%, as of 9:51 a.m. Eastern time. The Nasdaq fell 0.3%.<\/p>\n

Read more Nissan and Honda ink deal to boost competitiveness with \u2018faster development cycles\u2019 in vehicle software<\/a><\/p>\n

The losses were broad, with nearly every sector within the benchmark S&P 500 losing ground. Energy stocks, though broadly gained ground. Exxon Mobil rose 2.9% and Chevron rose 3%.<\/p>\n

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Markets were mixed in Europe and Asia.<\/p>\n

GameStop jumped 4.2% after the video game retailer provided a preliminary second-quarter earnings outlook above its year-ago results. Shares of Aon fell 5.8% as the company announced that it was buying insurance broker USI Insurance Services from private equity firm KKR in a deal valued at $17 billion, including debt.<\/p>\n

U.S. forces\u00a0struck Iranian rocket launchers on the Strait of Hormuz\u00a0on Sunday. Meanwhile, the United Arab Emirates said it intercepted an Iranian drone over its waters on Monday. The aggressive actions follow a lull in activity in the U.S. war with Iran, which has\u00a0lasted more than six months.<\/p>\n

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The war has curtailed traffic in the Strait of Hormuz, which accounts for about 20% of the world\u2019s oil shipments. Oil prices remain high after an initial surge earlier in the war and that has made everything from gasoline to shipped goods more expensive.<\/p>\n

The price of Brent crude, the international standard, rose 3.2%, to $90.91 per barrel on Monday. The price swung between $72 and $102 last month amid rising and falling hopes for a deal to end the war.<\/p>\n

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The national average for gasoline in August has been above $4 per gallon every day in August for the first time ever, according to the AAA. It has been the most expensive August at the pump on record, outpacing even the enormous supply chain crunch during the COVID-19 pandemic in August 2022.<\/p>\n

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Higher energy prices because of the war have fueled already stubbornly high inflation. That has been weighing on household spending and consumer confidence. It has also given the Federal Reserve a more complicated path ahead for its interest rate policy.<\/p>\n

Read more UAE intercepts Iranian drone over its waters in \u2018dangerous escalation\u2019 from Iran war\u2014and threatens responding \u2018decisively to aggressors\u2019<\/a><\/p>\n

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The rate of inflation remains well above 3%, which is far beyond the Fed\u2019s 2% target. Wall Street expects the central bank to raise interest rates at least once before the year ends in an effort to cool inflation.<\/p>\n

The yield on the two-year Treasury, which closely tracks expectations about Fed moves, remained at 4.34% from late Friday. That\u2019s up significantly, though, from about 3.50% at the beginning of 2026.<\/p>\n

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The yield on the 10-year Treasury rose to 4.76% from 4.73% late Friday. That\u2019s back up around the level seen two weeks ago when the Trump administration took the unusual step of announcing it would intervene in the bond market.<\/p>\n

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The job market remains resilient, but is showing signs of weakening. Any increase to interest rates that could cool inflation also risks hurting the jobs market.<\/p>\n

Later this week, the U.S. reports August jobs data. In July, the U.S. job market\u00a0stalled unexpectedly\u00a0as employers cut 23,000 jobs. Labor Department revisions slashed another 103,000 jobs from May and June payrolls.<\/p>\n

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___<\/p>\n

AP Business Writers Elaine Kurtenbach and Michelle Chapman contributed to this report.<\/p>\n

Read more Young Kalshi users have traded an estimated $3.9B on sports and parlay-type contracts this year, exposing a loophole that lets them bet before age 21<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Brent crude jumped more than 3% after U.S. forces struck Iranian rocket launchers near the Strait of Hormuz, a key route for global oil shipments.<\/p>\n","protected":false},"author":1,"featured_media":6367,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-6368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil"],"yoast_head":"\nGas topped $4 daily in August for the first time. 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