AP Business SummaryBrief at 12:03 a.m. EDT

In a time of war with Iran, Americans unite in aggravation over sticker shock at the gas pump

DE SOTO, Iowa (AP) — It seems that a country divided on many fronts is finding common ground at the gas pumps. There, the cost of the Iran war is hitting Americans squarely in the wallet and aggravating people across the political spectrum. That was the message from Associated Press interviews Monday with people at gas stations and beyond in five states. The national average gas price was $3.48 a gallon on Monday, up from $2.90 a month ago, before the war, according to tracking by AAA. But in interviews, some owners of electric vehicles expressed renewed gratitude for their vehicle choice as they sit out the sticker shock.

US stocks erase a big early loss and rise after oil prices whip from nearly $120 back below $90

NEW YORK (AP) — U.S. stocks rose following a remarkable reversal, as oil prices went from their highest prices since 2022 back below $90 per barrel. The S&P 500 dropped as much as 1.5% Monday morning before flipping to a gain of 0.8% at the end of the day’s trading. The Dow Jones Industrial Average clawed back a plunge of nearly 900 points to rise nearly 240, while the Nasdaq composite climbed 1.4%. They’re the latest hour-to-hour swings to pummel financial markets because of uncertainty about just how high oil prices will go and how long they will stay there because of the war with Iran.

World leaders eye oil reserves, but so far hold off on tapping them

NEW YORK (AP) — A widening war in Iran has halted oil tankers, made targets of refineries and spooked investors worried about the cascading impact of spiking energy prices. If it might seem like the ideal time to dip into the world’s emergency oil stockpiles, global leaders have so far responded with reluctance. U.S. President Donald Trump downplayed the idea of turning to the Strategic Petroleum Reserve over the weekend, saying supplies were ample and prices would soon fall. Representatives from the Group of Seven major industrialized powers discussed the issue Monday, but likewise decided against using strategic reserves.

Venezuelan lawmakers open debate on a mining bill to lure foreign capital

CARACAS, Venezuela (AP) — Venezuela’s lawmakers debate a new mining bill that aims to attract foreign investment and rebuild trust after past expropriations. On Monday, acting President Delcy Rodríguez’s proposal reached the legislature. It mirrors parts of a recent oil reform. The bill sets rules for mineral rights and creates small, medium and large mining categories. It also allows independent arbitration, which investors see as protection against future expropriations. It bans top officials, including the president and ministers, from holding mining titles. The debate unfolds as the U.S. pushes back on China’s grip on critical minerals and advances its phased plan to stabilize the South American country.

Oil prices swing wildly as Iran war threatens transport routes and production across Middle East

The Iran war has upended oil production and shipping across the Middle East, straining energy supplies worldwide. And crude prices swung wildly Monday. The price of Brent crude, the international benchmark, briefly surged to $119.50 per barrel on Monday — its highest level since the summer after Russia invaded Ukraine in 2022. West Texas Intermediate, which is produced in the U.S., also soared to $119.48 per barrel at one point. But those prices fell to under $90 late Monday, as markets made significant reversals after President Donald Trump told CBS News that he thinks “the war is very complete.”

Iran war puts at risk key pipelines, terminals and refineries that supply the world with oil and gas

FRANKFURT, Germany (AP) — Attacks by the U.S. and Israel on Iran, and Iranian missile and drone attacks on neighboring countries, have disrupted oil and gas supplies to the rest of the world — and dealt an energy price shock to the global economy. Oil and natural gas prices have soared after the effective closure of the Strait of Hormuz, conduit for some 20% of the world’s oil and liquefied natural gas. Oil fields in countries including Iraq have cut back output as storage fills up. Qatar, a major supplier of liquefied natural gas, has shut down its exports as well.

China's exports surge in Jan-Feb despite waning trade with the US

HONG KONG (AP) — China has reported its exports rose nearly 22% in the first two months of the year, while trade with the United States contracted. The export figures released by China’s customs agency on Tuesday were much better than economists had forecast. They far exceeded the 6.6% growth recorded in December. Imports in January and February rose almost 20%, up from December's 5.7% year-on-year increase. China's exports have been a bright spot for its economy despite tensions with the U.S. China’s exports climbed 5.5% for 2025 as its trade surplus surged to a record of nearly $1.2 trillion. Higher shipments to other regions including Europe and Latin America helped offset a 20% drop in exports to the U.S.

AI company Anthropic sues Trump administration seeking to undo 'supply chain risk' designation

Anthropic is suing the Trump administration, asking federal courts to reverse the Pentagon’s decision designating the artificial intelligence company a “supply chain risk” over its refusal to allow unrestricted military use of its technology. Anthropic filed two separate lawsuits Monday, one in California federal court and another in the federal appeals court in Washington, D.C., each challenging different aspects of the Pentagon’s actions against the company. The Pentagon last week formally designated the San Francisco tech company a supply chain risk after an unusually public dispute over how its AI chatbot Claude could be used in warfare. The lawsuits aim to undo the designation and block its enforcement.

Hims & Hers Health and Novo Nordisk end lawsuit over weight loss medications, enter collaboration

Hims & Hers Health has agreed to stop selling compound versions of Novo Nordisk’s Wegovy and other weight-loss drugs, ending for now a patent lawsuit. The companies on Monday announced a partnership in which Hims & Hers will sell Novo Nordisk's medications at “self-pay prices.” Hims will also stop advertising compounded GLP-1 drugs on its platform or in its marketing. Shares of Hims & Hers surged in morning trading.

How the Iran war and surging oil prices are affecting consumers at the gas pump and beyond

NEW YORK (AP) — As the price of crude oil surged, consumers were feeling the effects of the Iran war and its damage to worldwide energy production. Gasoline prices are climbing. Many people will find some of the most immediate economic pain at the pump. But you don’t have to drive a car to be affected. Nearly all goods that are bought and sold must travel from where they’re produced. That includes food. Those costs will climb with higher gasoline, diesel and jet fuel prices. Heating a home and cooking with natural gas are likely to cost more as the war grinds on. And the spike in oil prices will likely be a big factor for U.S. inflation. As the war continues, some experts say the price of everything could be affected.