Gasoline prices could start reversing nationally in the next two days by dropping a few cents daily, GasBuddy head of petroleum analysis Patrick De Haan said Tuesday night.
Why it matters: Average U.S. gas prices have climbed more than 70 cents over the past month due to the Iran conflict, presenting a worsening political headache for President Trump.
Crude oil prices dropped sharply Tuesday evening, falling well under $100 per barrel after President Trump said the U.S. agreed to a two-week ceasefire with Iran that Pakistan had proposed.
Why it matters: It's the biggest one-day free fall in oil prices since the 1991 Gulf War.
Driving the news: The global benchmark Brent crude futures price fell about 13% to about $95 a barrel. But it's still far above the roughly $73 mark right before the war began at the end of February.
WTI, the U.S. benchmark, was down to about $96 a barrel, a drop of about 14 percent.
The big picture: The agreement is subject to Iran to allowing "complete" reopening of the Strait of Hormuz, Trump said.
The de facto closure of the waterway — which handles about a fourth of the world's seaborne oil trade — has brought the largest disruption in oil market history.
Iran's minister of foreign affairs issued a statement on behalf of the country's Supreme National Security Council saying that passage through the strait "will be possible via coordination with Iran's Armed Forces and with due consideration of technical limitations."
No further details about any limitations were provided.
What we're watching: Whether shippers have enough confidence in safe passage of the narrow waterway off Iran to resume shipments of oil, liquefied natural gas and other products.
Ship operators' confidence that they won't be attacked "is the one and only litmus test to assess whether energy flows are likely to resume," said Clayton Seigle, an oil analyst at the Center for Strategic & International Studies.
He said he expects operators to seek permission from Tehran.
"We'll know from tracking platforms and anecdotal reporting of tanker movements whether they get it," he said in an email. "So the real question here is whether Tehran grants new assurances to ship operators that they'll be safe in resuming normal activities."
The physical oil market remains in turmoil after Middle East producers lowered output with export routes cut off.
Dated Brent — the global benchmark for real-world, physical barrels of crude oil — reached its highest recorded price of $144.42, according to S&P Global Energy Platts. The previous record was set in 2008 at the height of the financial crisis.
Iraq, Saudi Arabia, Kuwait, UAE, Qatar, and Bahrain collectively shut-in 7.5 million barrels per day of crude production in March, with a higher figure this month, according to Energy Department's stats arm.
A first round of negotiations between the United States and Iran on an agreement to end the war is planned for Friday in Islamabad, according to two sources familiar with the plans.
The big picture: Those would be the first in-person negotiations since the war began.
The rise of chatbots and AI search engines is forcing big brands to invest in new generative engine optimization that favors third-party validation, as opposed to traditional search engine optimization, which can still be gamed with paid media.
Why it matters: The ad market for chatbots and AI search engines is still nascent, which means brands need to rely on strong organic and earned media coverage to reach consumers using AI tools.
The Associated Press is warning Lee Enterprises, one of the largest independent local newspaper companies, that its attempt to break a news licensing contract is "not valid."
AP warned it may start charging interest or cut off its services if Lee stops payments before their deal ends on Dec. 31.
Why it matters: The spat appears to stem from Lee's dissatisfaction with AP's shift in coverage strategy.
The 2026 box office is off to its strongest start since the COVID-19 pandemic, raising hopes in Hollywood that theatrical moviegoing has staying power in the streaming era.
Why it matters: Success at the box office gives studios and distributors more leverage to preserve theatrical release windows, a key revenue driver for the industry.
The Iran war has scattered the highly concentrated helium supply chain, knocking out a significant share of global production for a practically irreplaceable element.
Why it matters: Helium does more than fill party balloons: It's critical for cooling highly advanced tech and integral to chip production and medical imaging. Now, roughly a third of the world's supply is in limbo.
Why it matters: With economic uncertainty swirling, car buyers are seeking out alternatives to new vehicles, whose price tags are now averaging more than $49,000.
American consumers are bracing for an Iran war inflation jolt, though they don't anticipate the effects will linger.
That's the upshot of the New York Federal Reserve Bank's March Survey of Consumer Expectations, the first to capture sentiment since the war began.
Why it matters: So far, that is more consistent with a one-time inflation surge than the alternative outcome that might alarm the Fed: signs of unmooring in long-run inflation expectations.
The New York Times' editorial union leaders on Tuesday sent a letter to management arguing its artificial intelligence standards are "woefully inadequate" and too vague, which has led to editorial problems and trust issues.
Why it matters: AI is one of several sticking points in a contract dispute between management and the guild.
The throttling of oil and gas flows could push multiple countries to try to cut exposure to seaborne energy commodities — and create different risks in the process.
Why it matters: The Iran crisis is chaotic and costly enough to spur long-term policy changes.
The impact of AI on the job market is starting to show up in the data analyzed by Wall Street firms — so far it's pretty modest, but certainly real.
Why it matters: New reports from Morgan Stanley and Goldman Sachs come in the wake of a deluge of doomsday predictions and tell a more nuanced story of how AI is changing the job market.
Fast-growing prediction markets will attract fraud and insider trading, Kalshi CEO Tarek Mansour acknowledged on "The Axios Show," but he said investigators will "inevitably" expose and punish bad actors.
Why it matters: Operators like Kalshi and Polymarket are under pressure to root out suspected incidents of insider trading, particularly on matters like politics, war, sports and entertainment.
California now requires folic acid in corn tortillas — a staple in many Latino households — in a move that could spread beyond the state.
Why it matters: A quiet change to corn tortillas could reshape grocery shelves nationwide — while helping prevent serious birth defects that disproportionately affect Hispanic babies.
A new study finds that AI agents can act to preserve other bots even when that behavior conflicts with their assigned task.
Why it matters: Just because Sam Altman and Dario Amodei won't hold hands doesn't mean their future bot creations won't find ways to work together, potentially without prompting.