Morning Business Report: Oil prices rise after Saudi pipeline shutdown as Social Security faces funding shortfall
Oil prices are rising after Saudi Arabia shut down a critical pipeline damaged by drones launched from Iraq.
(LILAMAX)- Oil prices are rising after Saudi Arabia shut down a critical pipeline damaged by drones launched from Iraq.
The pipeline can carry about 7 million barrels of oil per day and has played a key role in easing severe supply disruptions stemming from the Iran war.
Meanwhile, Social Security continues to face significant long-term funding challenges.
The Social Security Administration’s 2026 Trustees Report projects that the Old-Age and Survivors Insurance Trust Fund, which pays retirement and survivor benefits, will be able to pay full scheduled benefits until the fourth quarter of 2032. At that point, continuing income would cover about 78% of scheduled benefits if Congress does not make changes. The combined Social Security trust funds are projected to pay full scheduled benefits until 2034, with 83% payable afterward.
Proposals to increase Social Security payroll tax revenue, including changes affecting earnings above the current taxable maximum, are among the options that have been examined for improving the program’s finances.
On Wall Street, the Dow gained 500 points Friday as oil prices retreated, easing some concerns about a potential Federal Reserve interest rate hike this week.
President Donald Trump also announced during a visit to Ireland that he plans to remove the 10% U.S. tariff on Irish whiskey. Trump did not specify when the tariff would be eliminated.
The move would remove Irish whiskey from tariffs currently affecting European Union imports. The Irish Whiskey Association welcomed the announcement.
A new survey also found there are some places where many Americans would rather not encounter pets.
Talker Research found restaurants were the biggest no-go, with nearly half of respondents saying they would be irritated to see a dog while sitting down to eat.
Grocery stores were not far behind, while workplaces and coffee shops were also among the places where respondents said they would prefer not to see pets.
