Gas Hit $3.98 and the War Came to Every Kitchen Table
The national average hit $3.98 per gallon -- up exactly one dollar since the war began -- and the Hormuz premium is now permanent as long as the blockade holds.
Hendrik Van Der Berg
Bureau: Brussels
Mortgage Rates Hit 6.49% and the Spring Housing Market Is Frozen
The 30-year fixed rate hit 6.49% on Wednesday while the Fed sits trapped at 3.25-3.75%, and the spring buying season that was supposed to thaw the housing market arrived frozen solid.
WTI Crude Settled Near $99.25 on Friday
WTI crude closed Friday at $99.64, up 40 percent since the war began and one dollar short of the psychological $100 barrier.
Brent Surged to $107 on March 26 Before Pulling Back
Brent crude spiked to $107 per barrel on March 26 after Iran rejected a US peace proposal, then pulled back slightly but held above $100.
The Fed Is Holding Rates at 3.25-3.75% and Cannot Move in Any Direction
The Federal Reserve remains frozen at 3.50-3.75 percent with the war premium on oil making rate cuts impossible and hikes politically unthinkable.
One Month of War by the Numbers
Thirty days, an estimated $27 billion in U.S. military costs, oil near $100, gas near $4, five continents affected, zero congressional votes authorizing it.