G-7 Bid to Cap Russian Oil Price Faces Hurdle of Global Enforcement

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U.S. Gains in Push for Exception to EU Sanctions on Russian Oil

A U.S. push to pare back one of the European Union’s sanctions on Russian oil has tentatively started to gain traction within the 27-member bloc, with officials weighing whether to allow insurers to cover shipments of Russian oil if the price the oil will sell for falls under a cap. After weeks of infighting, the … Read more

High Gas Prices Hit Demand as Drivers Cut Back at the Pump

In the first full week of June, gasoline sales at U.S. stations were down about 8.2% compared with the same week last year—the 14th consecutive week that sales have lagged behind 2021 levels, according to surveys by energy-data provider OPIS. In the week ended June 10, the Energy Information Administration’s measure of implied demand—an estimate … Read more

Gasoline, Groceries and Housing Drove Inflation in May

Prices for food, energy and shelter helped drive up the consumer-price index in May to the fastest annual pace in more than 40 years, undoing a slight easing in April, the Labor Department said Friday. Those three categories represent the bulk of most household spending in any given month. Together they account for more than … Read more

As Gas Prices Near $5 a Gallon, Record Fuel Costs Upend Businesses, U.S. Economy

As U.S. gasoline prices approach a record average of $5 a gallon, fuel costs are rippling through almost every corner of business, with signs emerging that the rising expenses are beginning to alter consumer behavior. The price of regular gasoline averaged about $4.986 on Friday, up around 22 ½ cents from the prior week and … Read more

Yellen Sees High Gasoline Prices Persisting

WASHINGTON—Treasury Secretary Janet Yellen said elevated gasoline prices—near $5 a gallon—are likely to persist, but she doesn’t see a slowing U.S. economy slipping into recession. Disruptions in global oil markets caused by Russia’s war against Ukraine and the subsequent sanctions imposed on Russia are likely to keep oil prices elevated, she said Thursday. Oil prices … Read more

WSJ News Exclusive | OPEC Weighs Suspending Russia From Oil-Production Deal

Some OPEC members are exploring the idea of suspending Russia’s participation in an oil-production deal as Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump more, OPEC delegates said. Exempting Russia from its oil-production targets could potentially pave the way for Saudi Arabia, the United Arab Emirates and other producers … Read more

Bottleneck Fuels Record-High Gas Prices

A shortage of fuel-making facilities is pushing U.S. gasoline and diesel prices to record levels, just as drivers prepare for the summer driving season. Gasoline prices topped $4 a gallon in all 50 U.S. states in recent days for the first time ever, even though global crude oil prices have pulled back from highs reached … Read more

Saudi Aramco Posts Record Quarterly Profit on Surging Oil Prices

DUBAI—Saudi Aramco posted a record quarterly profit on Sunday, as the oil giant benefits from surging oil prices following Russia’s invasion of Ukraine. Saudi Arabian Oil Co., commonly known as Aramco, said its net income surged 82% to $39.5 billion in the first three months of 2022. Last week, it overtook Apple Inc. as the … Read more

Why It’s So Hard to Keep Russian Diamonds and Gold Out of the U.S. Despite Sanctions

Russian gold and diamonds could still be sold in the U.S. despite being sanctioned, lawmakers and industry participants say, unless companies and governments tighten their controls. In theory, U.S. and European sanctions have outlawed the sale of gold and diamonds from Russia. In practice, Russian gems and precious metals are likely still entering Western markets, … Read more