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The tariff ripple effects should lower fuel prices but put the oil industry in its toughest financial quandary since the pandemic.

Oil prices fell to their lowest level in years on Monday as worries about the reciprocal tariffs President Donald Trump announced last week continued to ripple through global markets.

"It should be a priority to make sure that inflation doesn't move up," Kugler said at the conclusion of a lecture on inflation dynamics to a Harvard University economics class. "We, all colleagues at the Fed, are very committed still to our 2% target and want to keep inflation expectations well anchored, which should be a priority now."

It’s only a matter of time before technological advances turn current generative AI issues into “challenges [rather] than insurmountable problems,” Barr said, and bank-fintech partnerships will accelerate those innovations.

LONDON (Reuters) — Oil slid around 3% on Monday to its weakest since 2021, while most commodity markets including metals and coffee declined as the intensifying trade war between the United States and China triggered worries over demand for raw materials.

A billionaire hedge fund boss who backed Donald Trump has turned on the president warning his tariffs risk an “economic nuclear winter”.

Middle East stock markets tumbled Monday as they struggled with the dual hit of the United States' new tariff policy and a sharp decline in oil prices, squeezing energy-producing nations that rely on those sales to power their economies and government spending. Benchmark Brent crude is down by nearly 15% over the last five days of trading, with a barrel of oil costing just over $64.