Diesel hits record $6 a gallon as Iran-backed Houthis take key Red Sea territory

U.S. stocks rebounded on Friday, recovering much of their weekly losses as oil prices eased from their recent highs. This relief came after a report on U.S. inflation showed figures close to economists’ expectations, despite ongoing concerns about rising prices. The drop in oil prices, which had surged due to tensions with Iran, helped alleviate some inflationary pressure. Brent crude prices fell below $105 per barrel after nearing $110. Meanwhile, Iranian Foreign Minister Abbas Araghchi criticized U.S. Treasury Secretary Scott Bessent over sanctions, highlighting rising U.S. government bond yields. In New Delhi, Indian Prime Minister Narendra Modi met with Russian and Iranian leaders ahead of a BRICS summit, emphasizing India’s strategic ties with Iran despite geopolitical challenges and U.S. sanctions. The BRICS group, which includes major emerging markets, aims to strengthen international cooperation. QUESTION: How might the ongoing geopolitical tensions and economic sanctions between the U.S. and Iran impact global markets and international relations in the future?