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Where in the US have gas prices jumped the most since the US attack on Iran?

Drivers in some states are seeing pump prices rise much faster than others.

With the US-Iran war escalating, oil markets have become the global gauge of the conflict — and American drivers are already feeling the pain at the pump.

On Sunday, crude prices surged past $110 a barrel for the first time since the early days of the Russia-Ukraine war in 2022 — as tankers began avoiding the Strait of Hormuz, a narrow choke point along Iran’s coast through which roughly one-fifth of global oil supply flows every day. 

Because gasoline is refined from crude — with 60% of the pump price tied to oil costs — the shock is already showing up at gas stations: the national average price of regular gasoline climbed to $3.48 per gallon on Monday, up nearly $0.50, or 17%, from February 28, when the US and Israeli strikes on Iran began, according to the American Automobile Association.

But the pain isn’t landing evenly across the country.

States that saw the sharpest percentage increases include Indiana (up 23%), Ohio (22%), Oklahoma (21%), and Texas (20.5%). While these states had relatively cheaper gasoline — below $3 a gallon, leaving more room to rise — they’re also deeply connected to the Gulf Coast refinery network, which runs on crude priced against global benchmarks. So when Middle East disruption sends those prices surging, the shock travels straight through the pipelines to local pumps.

Western states, however, saw far smaller increases. Hawaii (up 3%), Washington (6%), Oregon (7%), Alaska (9%), and Idaho (9%) saw single-digit price jumps, as the region operates largely outside the Gulf Coast fuel network, meaning the Middle East shock tends to arrive slower and softer. They also have generally higher prices to begin with.

Still, Energy Secretary Chris Wright said Friday that the surge in gas prices should last “weeks, not months,” while President Trump called rising oil prices “a very small price to pay” for “safety and peace” on Sunday.

For now, US drivers are already shelling out roughly $187 million extra per day on gasoline compared with last weekend, per Patrick De Haan, head of petroleum analysis at GasBuddy. In a Substack post on Sunday, he also said there’s roughly an 80% chance the national average reaches $4 per gallon “within the next month- or sooner.” Prediction markets broadly agree with him.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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