Economy
May, 2026
Trump’s abrupt U-turn on a plan to reopen the Strait of Hormuz came after backlash from allies
Spirit Airlines is the first airline to die from the Hormuz crisis. Jet fuel went from 2.24 a gallon to 4.51 since February. Fares jumped 23 percent the day they left.
Saudi Arabia reported a -$33.5 billion budget deficit in Q1 2026 its largest since 2018
Kevin Hassett: “The consumer is really, really firing on all cylinders…Credit card spending is through the roof. They’re spending more on gasoline, but they’re spending more on everything else too.”