Morning Business Report: Oil prices surge above $80 as markets fall, Gap sales miss, and Walmart helmet recall announced
Trump administration considers steps to address rising oil prices as Middle East tensions disrupt markets and a new survey finds changing happy hour habits.
(LILAMAX)- Oil prices surged and stock markets fell as global tensions disrupted energy markets, while a major retailer reported weather-related sales impacts, federal officials announced a product recall and new research suggested Americans are redefining “happy hour.”
Administration weighing options to address rising oil prices
The Donald Trump administration is weighing several options to address the spike in oil and gasoline prices.
Doug Burgum said possible actions include releasing crude from the country’s emergency oil reserve, waivers of fuel-blending requirements and the U.S. Treasury trading oil futures.
Officials are also considering releasing crude from the country’s emergency oil reserve.
Oil prices are up 18 percent since attacks on Iran began over the weekend.
Oil prices climb as shipping disruptions grow
U.S. oil prices pushed above $80 a barrel for the first time in more than a year.
The latest market moves came as attacks in the Middle East spread to more countries. A de-facto closure of the Strait of Hormuz has trapped thousands of ships in the Persian Gulf, creating confusion and disruption in the oil market.
The market volatility also contributed to a sharp drop in the Dow Jones Industrial Average.
Gap sales miss after winter storms force store closures
Gap Inc. reported sales missed expectations after historic winter storms led to around 800 temporary store closures.
Cold temperatures, snow and ice forced some stores to close temporarily.
Gap, which also owns Old Navy and Banana Republic, was heavily impacted by President Trump’s recently struck-down global tariffs and could see better profit margins later in the year.
More than 40,000 bike helmets recalled
More than 40,000 bike helmets sold at Walmart are being recalled.
The Concord-branded 360-degree rechargeable light-up bike helmets are being recalled after federal safety officials said the helmets failed to comply with mandatory retention system and positional stability requirements.
Buyers are being urged to immediately stop using the recalled helmets and contact Todson Inc. for a full refund.
Survey finds happy hour evolving
New research finds many Americans believe happy hour has evolved beyond the traditional after-work bar routine.
A majority of respondents in a survey from Talker Research and ButterZero said happy hour is no longer just going out for drinks after work.
Instead, respondents said it has become a way to relax, unwind, de-stress and celebrate everyday wins.
Generational opinions differ on the best time for happy hour. Most respondents said Friday is the ideal day, while members of Generation Z more than any other generation chose Saturday.
