Morning Business Report: Oil surges, stocks wobble and airline fees rise amid Iran conflict

Oil prices are climbing sharply as tensions with Iran continue to shake global markets.

(LILAMAX)- Oil prices are climbing sharply as tensions with Iran continue to shake global markets.

U.S. crude topped $114 per barrel overnight after Donald Trump gave Iran a deadline to reopen the Strait of Hormuz or face potential attacks on power infrastructure. Iran has effectively kept the critical shipping lane closed through attacks on oil tankers, disrupting global supply.

OPEC+ is now warning that damage to Middle East energy assets could have long-lasting effects on oil production — even after the conflict ends.

The ripple effects are already hitting consumers and businesses.

Air travel is becoming more expensive, with United Airlines announcing it is raising checked bag fees. Travelers purchasing tickets starting Friday will pay $10 more for first and second checked bags on routes within the U.S., Mexico, Canada and Latin America. A third checked bag will cost an additional $50.

While the airline did not directly link the increase to rising fuel costs, CEO Scott Kirby has warned that sustained higher jet fuel prices could strain company revenue.

Meanwhile, the stock market showed mixed signals. Stocks posted a strong week overall but dipped Thursday as investor concerns about Iran persisted heading into the long holiday weekend. Historically, April is one of the strongest months for the market.

In economic news, job growth is exceeding expectations. The Labor Department reports U.S. employers added 178,000 jobs in March, a stronger-than-expected showing despite market closures for the Good Friday holiday.

Separately, older Americans may see financial relief under new tax changes in the president’s “Big Beautiful Bill,” which took effect for 2025. The law includes a senior deduction of up to $6,000 per eligible individual.

For those needing assistance ahead of the April 15 tax deadline, the IRS is offering free programs including Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE), aimed at helping low- to moderate-income taxpayers and seniors file their returns.