AP Business SummaryBrief at 1:27 a.m. EDT

Reported attack hits South Pars natural gas field, an energy lifeline for Iran

FRANKFURT, Germany (AP) — Iranian state media say Israel attacked Iran's South Pars gas field, part of the the largest in the world. It's shared with Qatar to the south across the Persian Gulf. The Iran war has dealt a massive energy shock to the global economy by choking off exports of crude oil and liquefied natural gas through the Strait of Hormuz. In the case of South Pars, the energy shock would appear to have a different target: not Iran’s exports, but its domestic energy supplies.

Tehran intensifies attacks on Gulf energy facilities after Israel hits Iranian gas field

DUBAI, United Arab Emirates (AP) — Iran is intensifying its attacks on its Gulf Arab neighbors’ energy infrastructure as it hits back following an Israeli attack on its main natural gas field. On Thursday one strike set Qatari liquified natural gas facilities ablaze and the United Arab Emirates had to shut down one of its gas operations. It marked a major escalation in the Mideast war that has sent global fuel prices soaring. The price of Brent crude oil, the international standard, is now up more than 50% since Israel and the U.S. started the war on Feb. 28.

Fed keeps key rate unchanged as Powell vows to stay until DOJ investigation is finished

WASHINGTON (AP) — The Federal Reserve kept its key interest rate unchanged Wednesday and Chair Jerome Powell highlighted the increasingly uncertain outlook for the U.S. economy and inflation in the wake of the Iran war, suggesting the Fed could stand pat for an extended period. Fed policymakers maintained their forecast for an additional rate cut this year, but in a news conference, Powell suggested that the central bank remains concerned about inflation that was still stubbornly elevated even before the conflict’s impact on gas prices.

US national debt surges past $39 trillion just weeks into war in Iran

WASHINGTON (AP) — The U.S. national debt has hit a record $39 trillion. The deficit hit the milestone Wednesday just weeks into the U.S.-Israeli war in Iran. The Government Accountability Office says rising debt can raise borrowing costs for mortgages and cars. It can also squeeze wages and push up prices. Budget advocates warn that growing interest payments force tougher tradeoffs. The federal debt has surged under both Republican and Democratic presidents, most recently fueled by wars, large-scale pandemic spending and tax cuts. The U.S. national debt hit $38 trillion five months ago — and $37 trillion two months before that.

Asian shares skid as oil tops $111 a barrel and Wall Street slumps

BANGKOK (AP) — Shares have retreated in Asia after a slump on Wall Street as oil prices shot over $110 a barrel. Tokyo's Nikkei 225 fell 2.5% and most other major benchmarks fell more than 1%. On Wednesday, U.S. stocks fell following a report that said inflation was primed to worsen even before the war with Iran sent oil and gas prices spiking. That and comments from the head of the Federal Reserve led investors to expect there's less chance of getting the lower interest rates that they love. The S&P 500 fell 1.4% and the Dow Jones Industrial Average dropped 1.6%. The Nasdaq composite slid 1.5%.

US eases Venezuela oil sanctions as Trump seeks to boost world oil supply during Iran war

WASHINGTON (AP) — The Treasury Department is easing sanctions on Venezuela’s state oil company. It's one way the Trump administration is trying to ease oil prices that have soared during the Iran war. The U.S. issued a license on Wednesday that lets Venezuela's state-run company sell and export Venezuelan oil to U.S. buyers and on global markets. Separately, the White House says Trump will waive, for 60 days, requirements for goods shipped between U.S. ports to be moved on U.S.-flagged vessels for 60 days. That 1920s law is often blamed for making gas more expensive. Analysts and economists say the changes could help keep a lid on price increases, but said markets are expected to be fraught as long as the war continues.

From NIL deals to retirement at 35: JPMorgan aims to help athletes avoid bad money habits

NEW YORK (AP) — JPMorgan Chase is making a new wealth advising push for athletes at every income level, so their money lasts longer. On Wednesday, the bank said it wants to reach people early, including college athletes earning name and likeness payments. The bank is also targeting pros nearing retirement who may stop playing in their 30s. Soccer star Megan Rapinoe says many athletes get large paychecks and do not know what to do next. JPMorgan says it sees a real business opportunity in fees and brand power. The bank points to common money mistakes and bankruptcy stories among athletes.

US stocks slump on worries about higher oil prices, inflation and interest rates

NEW YORK (AP) — U.S. stocks slumped after a report said inflation was primed to worsen even before the war with Iran sent oil prices spiking. That and comments from the head of the Federal Reserve pushed Wall Street on Wednesday to see less chance of getting the lower interest rates that it loves. The S&P 500 fell 1.4% for its first loss this week. The Dow Jones Industrial Average dropped 1.6%, and the Nasdaq composite slid 1.5%. Treasury yields climbed in the bond market, which hurts prices for all kinds of investments. Gold fell back below $5,000 per ounce.

US appeals court pauses investors' efforts to trace Argentine assets in YPF case

BUENOS AIRES, Argentina (AP) — A U.S. Appeals court temporarily paused efforts by investors to identify Argentina’s assets in the United States in order to collect on a $16 billion judgment in a case about the 2012 nationalization of the South American country’s largest energy company. Investor will not be able to move forward with the effort until appeals are resolved in the long-running case, in which U.S. District Judge Loretta Preska ordered Argentina to compensate former shareholders Petersen Energía and Petersen Energía Inversora — backed by litigation funder Burford Capital — for the seizure of a majority share in YPF Energy. But an expert cautioned that Argentina’s win on a procedural question does not mean that the court will ultimately overturn the judgment.

US wholesale prices rose by a surprisingly hot 3.4% last month, the most in a year

WASHINGTON (AP) — U.S. wholesale prices came in hotter than expected in February. The Labor Department reported Wednesday that its producer price index — which measures inflation before it hits consumers — rose 0.7% from January and 3.4%  from February 2025. The year-over-year increase was the most since February 2025. The gains were bigger than economists had forecast, and they occurred before the war with Iran pushed up energy prices. Contributing to the uptick last month were higher prices for hotels and food.