Morning Business Report: Oil tensions, housing trends and airfare spikes

The United States and Iran remain far apart on a possible agreement to end the war and reopen the Strait of Hormuz, according to President Donald Trump.

(LILAMAX)- The United States and Iran remain far apart on a possible agreement to end the war and reopen the Strait of Hormuz, according to President Donald Trump.

Trump said his patience with negotiations is wearing thin as tensions continue rising in the region.

The United Arab Emirates also reported a drone strike on a nuclear facility, while reports indicate the U.S. and Israel are preparing for the possibility of renewed attacks against Iran despite last month’s ceasefire agreement.

Meanwhile, new housing data shows more Americans are purchasing multi-generational homes as families look for ways to reduce financial pressure.

According to the National Association of Realtors’ 2025 Home Buyers and Sellers Generational Trends report, 17% of all home buyers purchased multi-generational homes between July 2023 and June 2024, up from 14% the previous year.

Housing experts say many buyers are specifically searching for homes featuring guest houses, “mother-in-law suites” and separate living spaces for relatives. Realtor.com reports those homes are often selling quickly and at higher prices because of increasing demand.

On Wall Street, stocks pulled back from record highs as higher oil prices weighed on markets around the world. Technology and artificial intelligence-related stocks led the decline.

Travelers are also feeling the effects of recent changes in the airline industry.

Analysts say airfares jumped sharply in several markets following the collapse of Spirit Airlines.

Research from 24/7 Wall St found the price of flights between Fort Lauderdale and Dallas increased 218% just one day after Spirit shut down operations. Additional data from Cirium and Kayak showed fare increases ranging from 15% to 25% on routes where Spirit previously held significant market share.

In another sign of nostalgia-driven business trends, one Pizza Hut franchise owner says it wants to bring back the restaurant experience many customers remember from the 1980s.

Daland Corporation plans to revive classic Pizza Hut features including red cups, stained-glass lights, jukeboxes and salad bars at locations it operates in the Midwest and Mid-Atlantic regions.