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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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Lululemon’s stretch getting tested: Stock plunges after after outlook is cut

Lululemon shares are down double digits in premarket trading after the company cut its full-year sales and profit outlook, overshadowing a Q1 beat and raising fresh concerns about the brand’s turnaround efforts.

The company now expects fiscal 2026 revenue to be flat to down 1%, compared with its prior forecast for 2% to 4% growth. Guidance for full-year diluted earnings per share was dragged down to a range of $10.95 to $11.15, below the company’s previous guidance of $12.10 to $12.30 and well below Wall Street’s estimate of $13.26.

Key numbers for Q1:

  • EPS of $1.69 vs. the $1.68 expected.

  • Revenue of $2.47 billion vs. the $2.43 billion expected.

The modest top-line beat masked a widening divergence between Lululemons geographic markets. While international revenue rose 22% overall with a 30% increase in Mainland China, the bigger problem remains North America, where revenue fell 5%.

Interim co-CEO and CFO Meghan Frank acknowledged during the earnings call that recent product rollouts underperformed. A highly anticipated yoga campaign failed to generate its expected halo effect across broader product lines.

Profitability metrics took a major hit, with gross margins contracting by 410 basis points to 54.2% due to mounting tariff costs and promotional markdowns. Operating income consequently fell 37% year over year to $276.9 million.

“We experienced spikes of negative commentary in the media and on social channels with regard to our brand, which had an impact on traffic and overall top-line performance,” Frank said during the earnings call. “And second, not all of our product launches have met our expectations. While we have had several successful launches so far this year, we have seen others as we start Q2 not generate the anticipated guest response.”

Lululemons valuation has already been steadily compressing for years. While it was once one of retails richly valued stocks, investors have been questioning whether the company can return to the double-digit growth era.

The results also arrive during a leadership transition. Lululemon announced back in April that former Nike executive Heidi ONeill is set to take over as CEO in September, with investors looking to her to revive growth in North America and restore the brands growth.

As Lululemon faces both macroeconomic pressure and brand-specific challenges, its stock has dropped around 40% year to date.

markets

US job growth skyrocketed in May, blasting past expectations

The US economy added 172,000 jobs in the month of May, the Bureau of Labor Statistics reported Friday, sending 10-year Treasury yields higher.

The strong May job market surprised economists. Experts had predicted only 85,000 new jobs — just half the reported number. The unemployment rate held steady at 4.3%, as expected.

The job growth story is a hopeful spot for the economy as consumers continue to feel inflationary pressure from the Iran war.

Job gains were buoyed by the leisure and hospitality sector, which added 70,000 jobs, as well as local government, healthcare, and education.

Both the March and April jobs reports were revised upward, making them collectively 93,000 higher than previously reported.

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