Morning Business Report: Oil prices jump, markets fall after Iran attacks, Americans report ‘tipping fatigue’

Oil prices surged and markets tumbled after weekend attacks involving Iran.

(LILAMAX) – Oil prices surged and markets tumbled after weekend attacks involving Iran, adding new uncertainty to an already volatile global economy.

Oil prices jumped as much as eight percent following the developments. The Dow Jones Industrial Average fell 500 points as investors reacted to concerns about potential supply disruptions.

Iran is one of the world’s major oil exporters, and analysts say any interruption in supply could drive up costs across multiple industries. Higher oil prices could impact gas stations, airlines, trucking companies and ultimately consumers nationwide.

Wall Street closed out February under pressure, with the Dow losing another 500 points Friday amid persistent concerns about artificial intelligence replacing jobs and stubborn inflation. Investors have remained cautious as economic uncertainty continues to weigh on markets.

Despite broader market struggles, the restaurant industry remains a bright spot. According to the Bureau of Labor Statistics, restaurant payrolls increased by one percent last year, adding approximately 108,000 jobs. Analysts say Americans are seeking affordable comfort food options, helping boost sales and hiring in the sector.

Homeowners are also feeling financial strain as insurance premiums climb. David Sampson, president and CEO of the American Property Casualty Insurance Association, says three primary factors are driving the increases: the rising cost of rebuilding homes, lawsuit abuse and severe weather events. Experts say homeowners can reduce risk by clearing brush around their homes to prevent fire damage and supporting improved building codes.

Meanwhile, a growing number of consumers report frustration over tipping culture. An annual study by Popmenu found that two-thirds of Americans say they are experiencing “tipping fatigue,” up from 60 percent last year and 53 percent in 2023.

On average, consumers reported spending about $150 in tips over the past year that they felt were unnecessary. The survey also found that 64 percent admitted to tipping even after receiving poor service.

Many respondents said they added gratuity because they felt bad for workers or wanted to avoid appearing cheap.