U.S. consumers face squeeze as fuel prices jump 50% (opens in new tab)

U.S. consumers face renewed pressure on spending as President Trump’s tax rebates fade and fuel costs rise, the Financial Times reported. The newspaper said a blockade of the Strait of Hormuz has driven fuel prices 50% higher, increasing pressure on household budgets. The Guardian reported from Iowa that long-haul truck drivers were struggling with gasoline prices linked to President Trump’s Iran war, while vendors worried about raising prices as summer activity increased. Economist Justin Wo...