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Good morning.
I flung myself ahead yesterday — and while I love a later sunset as much as anyone, waking two kids (and, let’s be honest, myself) while it's still pitch-black outside is a tough sell. If you skipped our advice last week on how to prep for the time change, here's what you can do now. The extra daylight doesn’t come from this ritual alone. Another seasonal shift explains why March is so bright. No matter how you feel about the clocks, the week ahead wastes zero time. Voters in Georgia head to the polls to pick former US Rep. Marjorie Taylor Greene's seat-filler for the remainder of the term. (Who can forget her very public break with President Donald Trump?) We’ll also get the latest inflation snapshot on Wednesday when the Consumer Price Index arrives, but it might already feel dated given the ripple effects of the war in Iran. More on that in our top story below.
— Marina Carver / Senior Editor / Brooklyn, NY
Iran War
Gas Prices Are Just the Start
What’s going on: As the US-Israeli strikes on Iran enter their second week, the economic ripple effects have started to show up at home. Even before Israel targeted Iran’s energy infrastructure on Saturday, AAA reported gas prices in the US jumped 16% in just one week. Diesel rose even faster, up 22%. That matters because diesel does far more than fill a minivan. Trucks and container ships rely on it to move goods nationwide. Some transport companies plan to increase rates and add fuel surcharges — costs retailers could pass on to consumers. The Strait of Hormuz’s closure could also trigger a supply chain nightmare for American farmers, who rely on fertilizer from Saudi Arabia, Qatar, and Iran. (Their equipment runs largely on diesel, too.) Still, Energy Secretary Chris Wright says fear — not an actual supply shortage — is behind the price spike and predicts it could last weeks, not months.
Beyond the US: Europe and Asia have felt the financial fallout far faster than the US. Restricted air travel in the Middle East has already strained the global supply chain. Several major airports in the conflict zone — including Dubai’s — have halted operations and sidelined roughly 20% of global air cargo capacity. DHL estimates that for every week a shipment is delayed, it’ll take at least a week and a half to catch up. Several countries — including Italy, China, Belgium, South Korea, and India — rely on oil that moves through the Strait of Hormuz. If the conflict drags on, those countries could end up in a bidding war for energy supplies. For now, experts say the disruption resembles the early days of the pandemic.
