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With a key shipping route cut off, oil prices have surged — from less than $70 a barrel on Feb. 27 to nearly $120 early March 9 before settling closer to $90. They’ve taken diesel and gasoline prices with them.

Nearly all goods — including food — that are bought and sold must travel from where they’re produced. Those costs will climb with higher gasoline, diesel and jet fuel prices.

The selected projects include a partnership between the Port Authority of New York and New Jersey and companies Joby Aviation, Archer Aviation, Beta Technologies and Electra. 

Disruptions to crude oil supplies wrought by the Middle East conflict are boosting the appeal of crop-based biofuels, lifting demand for vegetable oils and corn.

Airports have warned travelers that they should expect longer lines and to arrive early for their flights, as a partial government shutdown impacting DHS enters its fourth week. 

The war is showing no signs of abating after U.S. and Israeli strikes on Iran more than a week ago, and the fallout is stoking fears of an inflation crisis. The halt to shipping through Hormuz has driven up fuel prices.

The Trump administration announced a $20 billion reinsurance program aimed at reviving shipping in the Strait of Hormuz, where traffic has all but stopped amid the U.S. and Israeli attacks on Iran. 

U.S. oil posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt.

Panama Ports cites the Central American nation's “illegal state takeover” of the Balboa and Cristobal ports, and challenged a Feb. 23 executive decree it said authorized the seizure of its assets.

The move follows a March 4 order by a judge on the federal trade court in New York to stop calculating President Donald Trump’s emergency tariffs on importers’ customs paperwork.