Oil prices have surged amid fears of a broadening conflict in the Middle East and the ASX 200 remains near record highs, with Wall Street falling in the last trading day for the week. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
Crude oil leapt 5 per cent after US President Joe Biden said Israel had discussed hitting Iran's oil exporting infrastructure with missiles.
The International Longshoremen's Association workers union had been seeking a +77% raise while the employer group — United States Maritime Alliance — had previously raised its offer to a nearly +50% hike. At least 45 container vessels that have been unable to unload were anchored outside the strike-hit East Coast and Gulf Coast ports by Wednesday, up from just three before the strike began on Sunday, according to Everstream Analytics.
Economists have said the port closures would not initially raise consumer prices because companies had accelerated shipments in recent months of key goods. However, a prolonged stoppage would have eventually filtered through, with food prices likely to react first, according to Morgan Stanley economists.
The bank has settled a class action with law firm Maurice Blackburn .They allowed car dealers to set the interest rate and loan term on car loans. The higher the interest rate and the longer the loan term, the greater the commission received by the dealer.Maurice Blackburn’s national head of class actions Rebecca Gilsenan said the settlement was a historic win for consumers who had paid far too much for their car loans.
Asked on Thursday if he would support Israel striking Iran's oil facilities, U.S. President Joe Biden told reporters "we're discussing that."The Pentagon said it was in discussions with Israeli officials about their possible response to Iran's missile attack but declined to offer details. There are concerns that such escalation could prompt Iran to block the Strait of Hormuz or attack Saudi infrastructure, as it did in 2019, said Panmure Gordon analyst Ashley Kelty."Our estimates for Q4 2024 were US$75/bbl prior to the recent headline, but if these attacks come to fruition prices could average levels closer to US$78-$80/bbl," StoneX analyst Alex Hodes said in a note Thursday.
The grim, escalating situation is the latest development in what has been a downpour of sadness in the troubled region.Here's Mark Ryan of Reuters with an examination of the potential hit to fuel prices. .
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