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...Oil prices have risen about 15 per cent this year, to $85 a barrel, pushing up fuel costs just as US President Joe Biden begins his campaign for re-election....
...I’m joined now by the FT’s Felicia Schwartz, who’s been covering the war. Hi, Felicia. Felicia SchwartzHello....
...America deserves leaders who recognise that secure borders, stable prices, safe streets and a strong defence are the cornerstones of a great nation.”...
...“The price tag of President Biden’s proposed budget is yet another glaring reminder of this administration’s insatiable appetite for reckless spending and the Democrats’ disregard for fiscal responsibility...
...US defence contractors are also struggling with labour shortages, inflationary pressures and fresh concerns over fixed-price contracts....
...“Even as prices have come down on important items like a gallon of milk and a dozen eggs, some corporations aren’t passing those savings on to consumers,” Lael Brainard, director of the White House’s National...
...But voters, hit by soaring grocery prices and housing costs, have been more circumspect....
...Oil prices rose more than 4 per cent on Friday to above $80 a barrel, the highest price this month....
...These ships ostensibly do no business with countries enforcing the price cap, and can therefore breach it with little consequence....
...The UK’s benchmark gas price jumped by more than 8 per cent on Monday, while the European hub price rose by more than 7 per cent. The US has blamed Iran for enabling these attacks....
...Austin also extended the deployment of the USS Gerald R. Ford Carrier Strike Group, which is one of two stationed near Israel....
...For example, the US could impose sanctions on all of Iran’s oil exports, but that would mean taking millions of barrels of oil off the market, which could raise petrol prices for American drivers....
...The US and the UK are also working to tighten their enforcement of a price cap on Russian oil exports that was imposed by G7 countries last year....
...Oil prices rose on Monday morning in Asia after the White House announcement. Brent crude, the international benchmark, rose 1.1 per cent to $84.46 a barrel....
...Oil prices briefly climbed more than 1 per cent in early trading on Monday, before falling back. Brent crude, the international benchmark, was 0.7 per cent lower at $82.94 a barrel later in the day....
...demographics, while those showing the world has changed put more weight on financial market prices....
...In the Middle East, Biden was engaging on an economic and diplomatic level after the surge in oil prices forced him to reconnect with Saudi Arabia: the White House tried to broker a normalisation deal between...
...The Pentagon has convinced more than a half dozen allies to join a strengthened naval task force in the Red Sea amid mounting attacks by Iran-backed rebels on commercial shipping that have driven oil prices...
...Plus the FT’s Felicia Schwartz explains how the relationship between US President Joe Biden and Benjamin Netayahu, prime minister of Israel, is being affected by the war in Gaza....
...“Through our military action, we also create the conditions that push [Hamas] to pay a heavy price, and that is in the release of hostages,” he said....
...“The threat period for shipping is expected to last for several days,” Intertanko said.Oil prices extended gains on the news, rising more than 4 per cent on the day to above $80 a barrel, the highest price...
...Oil prices jumped in the immediate aftermath of the attacks before giving up most of their gains as traders bet against further escalation....
...Biden’s comments came as he is beginning to pay a political price within the US for his strong support for Israel....
...“A ceasefire will not happen without a significant release of hostages, that’s the price,” said Aaron David Miller, a senior fellow at the Carnegie Endowment for International Peace....
...Big share price moves in Europe today include UK energy infrastructure company Petrofac, French bank Société Générale and London-listed insurer R&Q: Petrofac: Shares in the energy infrastructure business...
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