Saudi Arabia is pressing the European Union to label Yemen’s Houthi movement a terrorist organization after renewed attacks on the kingdom. European governments are reluctant because such a move could complicate peace efforts and put European ships at greater risk.
Separately, Iran says four tankers were hit by explosions in the Strait of Hormuz. Those claims have not been independently verified. But the shipping threats are adding to fears over global oil supplies. Brent crude settled at $95.82 Thursday.
The costs are showing up elsewhere. USPS wants an 11% fuel surcharge on domestic Priority Mail and package deliveries starting in January. The agency says transportation expenses rose $225 million over the past year. Higher energy costs don’t stay confined to the oil market.
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