Oil prices are higher again this morning, around $111 a barrel, and are expected to see more sharp spikes and sudden dips as the world deals with potential supply shortages. For most of us, that means a longer period of expensive gasoline. It also means higher costs for any business relying on petroleum — from airlines to plastics producers. Russia’s invasion of Ukraine came at a time when oil prices were already moving higher on tight supplies and growing demand from reopening economies.
The U.S. and U.K. have struck a trade deal that will remove U.S. tariffs on British steel and aluminum, while the U.K.
will lift levies on U.S. whiskey, motorcycles and tobacco. Biden administration officials say the agreement will allow the U.K to ship steel and aluminum products to the U.S. without levies imposed under the Trump administration.
