The U.S. national average for gasoline rose 7 cents overnight to $4.44 a gallon, up nearly 50% since before the Iran war began in February. Diesel prices hit a record $6.40 a gallon, up 77 cents since the start of September, with California averaging $8.35. Analysts said gasoline could reach $4.50 later this week and diesel could climb to $6.60 as soon as this weekend. Ongoing conflicts involving Iran and Russia are squeezing global refining capacity and oil supplies, keeping fuel costs elevated.

The Federal Reserve launched its first interest-rate increase in more than three years to confront persistent inflation. Crude oil prices pushed above $100 a barrel amid the Iran war, driving gasoline up 38% from a year earlier and lifting the CPI to a three-year high of 4.2% in May, before it held at 3.4% in August. Policymakers projected one additional hike in 2026, and Kevin Warsh said the Fed could raise rates further if necessary. The Dow fell 631 points, or 1.2%, on the day.

U.S. officials said U.S. Coast Guard personnel and FBI agents boarded two energy tankers bound for Texas last month after the vessels were hit by cyberattacks while en route to the United States. One was the Liberian-flagged supertanker VL Prosperity heading to Galveston, where its propulsion, navigation and cargo systems were compromised near the Strait of Gibraltar, cutting communications for 30 hours. The ship can carry roughly 2.3 million barrels of oil. Officials warned that malicious code is already available and that artificial intelligence is accelerating the pace of the threat.

U.S. consumer prices rose 3.4% year over year in August, slightly above economists’ 3.3% forecast, as gasoline and diesel costs continued to climb. The national average diesel price rose more than 60% from a year earlier to $6.06, while gasoline averaged $4.30. The data arrive ahead of the Federal Reserve’s policy meeting next week, when officials will decide whether to keep raising interest rates.

The U.S. Food and Drug Administration has approved Moderna’s mRNA-based seasonal flu vaccine, mFLUSIVA, for adults ages 50 and older, making it the first mRNA influenza shot cleared by the agency. The decision follows earlier pushback over the company’s application and broader criticism of mRNA technology, after Moderna revised its filing. Moderna said it expects mFLUSIVA to be available for the 2026-27 flu season.

The Dow Jones Industrial Average surged 1,007 points, while the S&P 500 rose 142 points to 7,731 and the Nasdaq Composite gained 2.6%. Stocks advanced after Caterpillar (CAT) and Palantir (PLTR) posted results that topped expectations. Sentiment also improved after CNBC reported Treasury Secretary Scott Bessent saying progress tied to an Iran nuclear deal could reopen the Strait of Hormuz within 24–48 hours. All three major indexes are up 13%–14% so far this year.

U.S. health officials are investigating whether iceberg lettuce imported from Mexico and supplied by Taylor Farms may be tied to a cyclosporiasis outbreak that has spread to 34 states. Michigan alone has reported at least 4,312 confirmed cases. The lettuce was used by Taco Bell locations in five states where infected people ate, and the chain has moved to remove the ingredient from its supply chain nationwide and replace it within 24 hours in select states, according to a person familiar with the investigation who spoke to CBS News.

The Centers for Medicare & Medicaid Services will begin an 18-month pilot program on July 1, 2026 to cover GLP-1 drugs prescribed for weight loss, including Eli Lilly’s (LLY) Zepbound and Foundayo and Novo Nordisk’s (NVO) Wegovy. Eligible Medicare beneficiaries will pay a $50 monthly copay and will not need to meet the Part D deductible. The program is expected to cover about 3.8 million patients and is scheduled to expire at the end of 2027, leaving future coverage uncertain.

Michigan’s average gas price rose 9 cents this week to $4.10 per gallon, 82 cents higher than a year ago. The Metro Detroit average reached $4.14 per gallon. Summer fuel blend rules have not yet taken effect, but prices are expected to rise another 10–20 cents once they do. The move reflects tightening regional supply and demand and a direct pass-through from RBOB gasoline futures.