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US treasury issues license waiving sanctions on Venezuela’s PDVSA

March 18 (Reuters) – The United States has issued a general license authorizing certain deals involving ‘s state oil company , the U.S. Treasury Department said on Wednesday.

The waiver to sanctions that President imposed on PDVSA in 2019 during his first term was the latest move by the administration to ease measures on Venezuela after U.S. forces seized President in January.

The impact of the waiver was not immediately certain as Venezuela’s are now being managed by the U.S. with proceeds deposited in U.S.-controlled accounts and then being distributed to Venezuela’s .

Trump is trying to get to invest $100 billion in Venezuela’s dilapidated , which has suffered from years of neglect, corruption and U.S. sanctions.

(Reporting by Bhargav Acharya in Toronto and Timothy Gardner in Washington; Editing by Katharine Jackson and Chizu Nomiyama)

 

US waives shipping regulation to ease fuel, fertilizer deliveries

WASHINGTON, March 18 (Reuters) – The Trump administration on Wednesday announced a 60-day waiver of to help ease deliveries of fuel and fertilizer to combat rising prices and supply disruptions caused by the conflict in .

“President Trump’s decision to issue a 60-day Jones Act waiver is just another step to mitigate the short-term disruptions to the oil market as the U.S. military continues meeting the objectives of ,” White House spokeswoman Karoline Leavitt said.

“This action will allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports for sixty days, and the Administration remains committed to continuing to strengthen our critical supply chains,” she said.

High carry significant political risks for President and fellow Republicans, who have long argued that their policies would keep fuel affordable for American consumers.

U.S. gasoline prices have surged since the start of U.S. and Israeli attacks on Iran on February 28 as the conflict effectively closes the , the outlet for around a fifth of global oil and liquefied natural gas supplies.

The conflict has also disrupted fertilizer supplies, which is a major concern for U.S. agricultural interests.

Under the Jones Act, goods shipped between U.S. ports must be carried on vessels that are U.S.-built, U.S.-flagged and mostly U.S.-owned.

The requirement sharply limits the number of tankers available for , but is supported by .

Waiving the rule temporarily would allow foreign ships to carry cargoes between U.S. ports, potentially lowering shipping costs and speeding deliveries. Analysts have said, however, that the impact on pump prices will likely be minimal.

(Reporting by Jarrett Renshaw, Gram Slattery and Jonathan Saul, editing by Richard Valdmanis and Chizu Nomiyama)

 

US drivers face long-term pain at pump, analysts say; Trump bets they are wrong

Summary:
  • ‘s blockade of the has disrupted about one-fifth of global oil supply since February 28.
  • U.S. crude topped $100 a barrel, with diesel exceeding $5 a gallon, the highest since late 2022.
  • The U.S. projects elevated crude and gasoline prices through 2026 and 2027.

March 18 (Reuters) – President and congressional Republicans are betting the oil-price shock sparked by the Iran crisis will be too short-lived to hurt them politically in November, but traders and industry analysts see signs that U.S. pump prices will stay painfully high long after any diplomatic breakthrough.

Oil prices have surged as the has disrupted global supply. U.S. crude topped $100 a barrel for the first time since the 2022 Russia-Ukraine shock. U.S. diesel climbed above $5 a gallon, its highest since late 2022.

The disruptions stem in large part from Iran’s effective blockade of the Strait of Hormuz, an action it took in response to U.S. and Israeli strikes launched against Iran on February 28. The Strait is a choke point through which roughly one-fifth of global oil normally flows.

Trump has repeatedly said the higher energy costs are a small price to pay for neutralizing Iran. On Tuesday, he again predicted would “drop like a rock” after the conflict ends.

But oil futures, government forecasts and seasonal summer demand point to elevated crude and gasoline prices persisting even if tensions ease, analysts warned, noting that energy costs tend to fall slower than they rise.

“It’s going to take time for those prices to come back down,” said Matt Smith, an analyst at energy consultant group Kpler.

If fuel costs stay high through the summer, voters could blame Trump’s Republican Party for straining household budgets and punish its candidates in November’s . Polls show voters are worried about the cost of living. Affordability is the key issue for Democrats, who are within reach of getting a majority in the House of Representatives and narrowing Republicans’ margin of control in the Senate.

Trump has long used social media and the White House megaphone to shape the political narrative, but gasoline prices are hard to spin, said Chris Borick, a pollster and political science professor at Muhlenberg College in Pennsylvania.

“It’s the most in-your-face reminder of affordability concerns, and it’s almost impossible to convince voters of some kind of contextual case that outweighs their emotional reaction,” Borick said.

White House spokeswoman Taylor Rogers said Trump had been “right about everything,” and oil prices are no different.

“Once the military objectives of Operation Epic Fury are completed and the Iranian terrorist regime is neutralized, oil and gas prices will drop rapidly — potentially even lower than before the strikes began,” Rogers said.

SIGNS POINT TO HIGHER FOR LONGER

The U.S. Energy Information Administration this month sharply raised its outlook for crude and . It now projects Brent crude will average about $79 a barrel in 2026, up 37% from a prior forecast of $58, while U.S. retail gasoline is expected to average $3.34 a gallon, up nearly 15% from its prior estimate.

For 2027, the revised government forecasts put global crude prices about 22% higher and U.S. gasoline prices roughly 8.4% higher than previous projections, underscoring expectations that tighter supplies and geopolitical risks could keep energy costs elevated for years.

Oil futures markets tell a similar story, with contracts for delivery well into next year trading above levels seen earlier this year.

U.S. crude futures have averaged $68.10 a barrel so far this year but are expected to average $85.25 for the remainder of 2026 and $71.35 in 2027, according to LSEG. That compares with an average of about $64.70 a barrel in 2025.

Florence Schmit, an energy strategist at Rabobank, said any normalization would be gradual.

“Even if they signed a peace deal tomorrow, it would take months before we see a full resumption of traffic and energy flows,” she said, adding prices could ease to the mid-to-high $70s by year-end.

U.S. drivers are feeling the impact. The national average for regular fuel climbed on Tuesday to $3.79 per gallon from $3.54 a week ago and $2.92 a month ago, according to industry data. Prices are also up sharply from $3.08 a year ago.

Since the conflict began on February 28, Trump has reviewed a range of options to ease price pressure, with Chief of Staff Susie Wiles taking a lead role in the effort, Reuters has reported.

The administration has already taken several steps to blunt the supply shock and stabilize global markets, including easing certain sanctions on Russian energy exports to bring additional crude to the market and joining allied nations in a historic, coordinated release of strategic petroleum reserves.

The U.S. release of roughly 200 million barrels from its is expected to occur over several months, limiting its immediate impact on prices.

(Reporting By Jarrett Renshaw; additional reporting by Georgina McCartney; Editing by Colleen Jenkins, David Gregorio, Aidan Lewis)

 

Wall Street ends up as traders turn to Fed

Summary:
  • Wall Street ended higher driven by gains in and other .
  • The started a two-day policy meeting amid concerns about inflation and high .
  • Shares of energy and consumer discretionary sectors rose, with the S&P 500 climbing 0.25% to 6,716.09.

March 17 (Reuters) – Wall Street ended higher on Tuesday, with gains in Delta Air Lines and other travel stocks, while the Federal Reserve began its two-day policy meeting amid investors’ worries about high oil prices and the .

Shares of airlines and travel companies rebounded from losses in recent weeks related to the U.S. and Israeli attack on and surging .

Delta rallied more than 6% and American Airlines Group gained 3.5% after both companies raised their revenue guidance for the current quarter. United Airlines rose 3.2%.

Norwegian Cruise Line Holdings climbed over 2% and Expedia Group jumped more than 4%.

FED POLICYMAKERS WEIGH INFLATION CONCERNS

Concerns of prolonged supply disruptions due to the closure of the shipping route have kept crude prices near $100 a barrel. Worries about high oil prices will be in sharp focus as Fed policymakers weigh inflation concerns against signs of a weakening jobs market.

The central bank started its two-day monetary policy meeting on Tuesday and traders expect the Fed to keep borrowing costs unchanged in its decision on Wednesday. Rate futures suggest expectations of one 25-basis-point cut toward the end of the year, according to LSEG-compiled data, down from around two before the war.

“The place where we could get in trouble with this is if the Fed views the oil shock as inflationary and decides to respond with more hawkish monetary policy,” said Ross Mayfield, an investment strategist at Baird Private Wealth Management.

“The best-case scenario would be some confirmation tomorrow that the Fed is monitoring the situation, but kind of adheres to what they’ve done in the past, which is try to look through big oil shocks.”

Worries about pricey AI-related stocks, along with uncertainty about the Middle East conflict, have dropped the S&P 500 about 4% from its record high close on January 27.

The benchmark is trading at about 21 times expected earnings, down from over 23 in November, but still above its average forward price-earnings ratio of 19 over the past five years, according to LSEG data.

The Reserve Bank of Australia hiked interest rates for a second straight month, warning of a material risk to inflation due to the Middle East war.

Ride-hailing app Uber rallied 4.2% after announcing plans to roll out robotaxis in 28 cities starting next year, powered by Nvidia’s autonomous driving software.

The S&P 500 financials sector index rebounded 0.5% from sharp losses in the week before, when worries about private credit quality rattled investors. Asset manager Blackstone rose 4.6%, Apollo Global gained 5.3% and KKR rose 3.3%.

The S&P 500 climbed 0.25% to end the session at 6,716.09 points.

The Nasdaq gained 0.47% to 22,479.53 points, while the Dow Jones Industrial Average rose 0.10% to 46,993.26 points.

Eight of the 11 S&P 500 sector indexes rose, led by energy, up 1.02%, followed by a 1% gain in consumer discretionary.

Volume on U.S. exchanges was light, with 16.9 billion shares traded, compared to an average of 19.8 billion shares over the previous 20 sessions.

Occidental and ConocoPhillips rose about 1% each, tracking higher crude prices.

Honeywell International dipped 1.3% after the industrial company said the Middle East conflict could affect its first-quarter revenue.

The conflict has also delayed a planned summit between the U.S. and China on President ‘s request.

Eli Lilly fell nearly 6% after brokerage HSBC downgraded the drugmaker to “reduce” from “hold.”

Advancing issues outnumbered falling ones within the S&P 500 by a 1.7-to-one ratio.

The S&P 500 posted 21 new highs and two new lows; the Nasdaq recorded 51 new highs and 137 new lows.

(Reporting by Johann M Cherian and Utkarsh Hathi in Bengaluru, and by Noel Randewich in San Francisco; Editing by Krishna Chandra Eluri, Devika Syamnath, Rod Nickel)

Tysons casino bill clears General Assembly

SUMMARY: 

  • After three years, Virginia lawmakers approved bill to allow voters to vote on a .
  • The proposal now goes to who can sign, veto or amend it.
  • Some Fairfax supervisors, local opponents are calling for Spanberger to veto legislation.

It’s now up to Gov. Abigail Spanberger to decide whether Fairfax County can hold a that could pave the way for a casino.

The state Senate voted 25-13 and the House of Delegates voted 55-41 Saturday to send the governor a bill that allows Fairfax residents to vote on whether casino gaming will be allowed there.

Lawmakers tried to push similar bills in 2023, 2024 and 2025, but this is the first year the legislation made it out of the .

The version of Senate Bill 756 approved Saturday closely resembles the original measure Senate Majority Leader Scott Surovell, D-Fairfax, introduced in January.

In its current form, the bill allows a referendum to appear on Fairfax County ballots, allowing voters to vote for or against a casino to be placed in Tysons on a site within a quarter-mile of an existing Metro station on the Silver Line. A casino would also have to be part of a mixed-use development of not less than 1.5 million square feet.

Earlier in the session, the bill’s wording was changed so a casino could be built anywhere in Fairfax County, but its limit to the Tysons area returned during legislative discussions last week.

Nonetheless, some Fairfax County officials and residents are still opposed to the idea of a casino in the county. On Monday, the No Fairfax Casino Coalition, representing more than 40 local organizations against the plan, called for Spanberger to veto the legislation.

“I will continue to fight any and all efforts to jam a casino in Tysons,” Jeff McKay, chairman of the , wrote in a statement Saturday. He has publicly said in recent weeks that the board has the option not to hold the referendum even if the governor signs the bill.

During an interview Tuesday, Surovell said he’s struggled to understand what supervisors want out of the bill.

“The Board of Supervisors has never really been clear about what they’re willing to accept,” Surovell said. “They’ve refused to take a position on what revenue split would be acceptable.”

McKay did not immediately respond to a request for comment Tuesday.

Changes in bill’s language

A version of Senate Bill 756 announced Friday generated considerable discussion among lawmakers. It would have allowed casino revenue to be split equally between the locality and the state, but a temporary casino could operate for five years without a referendum vote under the bill’s language.

The existing formula for casinos in Virginia gives roughly 70% to the state, and 30% stays in the local area.

That bill would have also allowed the Major Employment and Investment Project Approval Commission to approve the selection and operation of a temporary gaming establishment that could operate for up to five years without a referendum vote.

“They seemed to have an even more violent reaction to that than a 70%-30% split,” Surovell said. “It’s hard to negotiate with [a body] that can’t figure out what it wants.”

In a letter dated Friday, every member of the Fairfax County board, other than Pat Herrity, asked members of the Fairfax County delegation to vote against that version of the bill.

“S.B. 756 proposes bypassing local authority to authorize a ‘temporary’ casino on behalf of a single, well-heeled developer in a way that throws the economic development of Tysons into chaos. The latest version of S.B. 756 was crafted by pro-casino advocates that do not represent Tysons, in the eleventh hour of session, out of the public’s view.”

Sen. Jennifer Boysko, a Democrat representing northern Fairfax County, sent out an email to her constituents Saturday urging them to call their delegates and ask them to oppose this version of the bill.

On Saturday, Surovell requested a second conference committee on the bill — a  request met with groaning by other lawmakers. Ultimately, a bipartisan majority of state senators and delegates approved the current version of the bill later Saturday.

Surovell noted Tuesday that the governor can amend the current version of the bill.

“The county could figure out exactly what it wants,” he said. “There could be a conversation about that.”

Supervisor Dalia A. Palchik, who represents part of Tysons, issued a statement Saturday.

“If the antics of the last 24 hours have made one thing clear,” she said, “it’s that this legislation is not being put forward in good faith by its patron. The prescribed location and lousy financial deal for Fairfax make a mockery of local land use authority and take financial advantage of our community.”

On Sunday, Walter L. Alcorn, who represents other parts of Tysons, issued a statement asking Spanberger to veto the bill. “We did not ask for it, and we don’t want it,” he said.

Nonetheless, Surovell pointed out that Fairfax County leaders are projecting a multi-million budget shortfall.

“Fairfax County hasn’t landed a major development project in a decade, and this project presents this entertainment complex that would be a multibillion-dollar project to bring thousands of jobs and probably a billion dollars of tax revenue per decade to the county,” he said.

He also noted that the county is losing population.

“If the current trends continue, Fairfax County might stand to lose population in the first decennial census since 1820,” he said. “The county’s economic development strategy has not adjusted with the changing economy of Northern Virginia, and we need to find some other way to diversify its revenue so that the county can continue to provide services at the levels that its residents expect. … I am really concerned about the future of my county.”

Housing market sees gains in February, but Iran war could disrupt momentum

SUMMARY:

  • Sales ticked up with modest year-over-year gains across key Virginia markets
  • Inventory increased and homes are taking longer to sell giving buyers more leverage
  • Spring outlook is uncertain as rise tied to the making buyers and sellers more cautious

Housing markets in Northern Virginia and Hampton Roads posted modest year-over-year gains in February, but the outlook for the spring selling season has grown more uncertain as mortgage rates began climbing again last week amid global instability tied to the war in .

Northern Virginia

The Northern Virginia Association of Realtors reports that 974 homes were sold in February, a 3.9% increase from February 2025. The total sales volume was $834.85 million, a 9.7% year-over-year increase, which the association said reflected “continued demand.” New pending sales in February rose to 1,195 units, up 8.8% compared to February 2025.

“The Northern remains fundamentally strong,” NVAR CEO Ryan McLaughlin said in a statement last week. “Sales activity increased, and buyers continue to show confidence in the long-term value of owning a home in this region. Meanwhile, the increase in listings means some buyers will have more opportunities without facing quite the same level of competition we saw over the past several years.”

NVAR said February’s market showed signs of gradual normalization as buyers gained more choices. Active listings rose to 1,699 units, an 11.8% increase from February 2025. Months of supply of inventory (MSI) in February — a measure of how many months homes would remain on the market if no new inventory were added was 1.23, up 10% compared to February 2025.

The median sold price in February was $720,500, a 1.7% decrease compared to February 2025. And NVAR reported that homes spend more time on the market, with the average days on market rising to 30 days, a 36.4% increase from last year.

NVAR said this shows that homes are taking longer to sell and that buyers have more time to weigh their options.

“For several years, Northern Virginia experienced extraordinarily tight inventory that pushed buyers into fast-paced decision making,” McLaughlin said. “What we are seeing now is a market that is becoming more deliberate. Homes are still selling, and sales volume continues to grow, but buyers are gaining the time and flexibility to make thoughtful decisions. That is a positive development for long-term market stability.”

NVAR reports home sales activity for Fairfax and counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.

Hampton Roads

Hampton Roads saw an increase in housing sales in February both month-over-month and year-over-year, according to data released March 10 by the Real Estate Information Network (REIN).

There were 1,600 closed sales in February, up from 1,576 in January and up 3.16% from the 1,551 in February 2025. In February, the MSI was 2.14, down from 2.16 in January, but up from 2.12 in February 2025.

Active residential listings for February totaled 4,499, down from 4,528 in January, but up 3.66% year-over-year from February 2025’s 4,340.

“It’s a good sign to see the real estate market up over last year,” said John Chandler of Berkshire Hathaway HomeServices RW Towne Property Management and president of REIN’s board in a statement. “While agents are certainly working hard to serve their clients, lower mortgage rates make purchasing a home much more attractive for prospective buyers.”

The median sales price of of homes sold during February was $355,000, about on par with the $355,170 in January and slightly up from the $346,000 in February 2025.

February’s pending sales for the month stood at 1,988, up from 1,919 in January and up 12.06% from 1,774 in February 2025.

Homes spent a median of 30 days on market in February, down from 41 days in January and up from 28 in February of last year.
Founded in 1969, REIN is a regional multiple listing service that covers an area stretching from Williamsburg east to Virginia Beach and south across the North Carolina border.

Central Virginia

The Central Virginia Regional Multiple Listing Service divides its data between single-family homes and condos and townhomes.

In the region, there were 1,021 closed single-family home sales in February up 8.5% from the 941 sold at the same point in 2025. For condos/townhomes, there were 202 sales, up 6.3% from February 2025’s 190.

Pending sales for single-family homes increased 9.4% year-over-year from 1,148 in February 2025 to 1,256 in February of this year. For condos/townhomes, there were 252 pending sales last month — a 1.2% increase from February 2025’s 249.

Single-family homes spent 43 days on the market in February —up from the 39 days on the market the previous year. Meanwhile, condos/townhomes spent 53 days on the market, up from the 41 reported in February 2025

The median sales price for single-family homes was $395,000 in February of this year compared to $387,300 in February 2025. The median sales price for condos/townhomes increased 4.7% from $360,000 in February 2025 to $377,050 this year.

Single-family homes for in February totaled 2,096, a 11.9% year-over-year decline from 2,378 homes, while the number of condo/townhome units for sale totaled 652, a 8.1% rise from February 2025’s 603 units.

The CVR MLS includes data for the cities of Richmond, Petersburg, Hopewell and Colonial Heights and the counties of Amelia, Charles City, Chesterfield, Dinwiddie, Goochland, Hanover, Henrico, King & Queen, King William, New Kent, Powhatan and Prince George.

Troubles on the horizon

While February showed positive signs for Virginia’s housing market, experts caution that the war in Iran could disrupt that momentum and create new uncertainty for the industry.

Deputy Chief Economist Sejal Naik noted that at the end of February, mortgage rates in the country fell below 6% for the first time since 2022. Along with rising inventory levels, continued buyer interest and softening price growth in Virginia, she said the continued downward trend in mortgage rates was signaling towards a busier spring market this year.

“That momentum has since been tempered by the outbreak of the Iran war, which has sent global surging and unsettled bond markets,” Naik said in a statement. “The effect on housing has been swift, with the national average 30-year fixed mortgage rate climbing to 6.11% as of March 12.”

She noted that the rates remain more than half a percentage point below where they stood a year ago, when the 30-year-fixed mortgage rate was 6.65% in the United States. Still, Naik said the sentiment of housing market participants has shifted, with both buyers and sellers exercising caution and adopting a “wait-and-see” approach.

“Furthermore, supply chain disruptions are likely to drive up the cost of construction materials, which could lead to delays and higher prices in the new construction space,” Naik said. “This is particularly troubling as the market has already been struggling with tight supply and affordability constraints. How significantly the conflict ultimately reshapes the spring market will depend largely on its duration. A swift resolution could allow rates to ease and activity to rebound quickly. A prolonged conflict, however, risks keeping buyers and sellers on the sidelines well into the season, worsening an already challenging environment.”

AeroVironment acquires California aerospace firm for $200M

Arlington County-based announced Tuesday that it has acquired California engineering design and manufacturing company Empirical Systems () for $200 million.

Through the acquisition, AeroVironment will gain about 300 employees. Founded in 2003, ESAero specializes in the production of unmanned aircraft systems and advanced air mobility platforms. The company operates out of a 32,000-square-foot design and prototyping facility and a 53,000-square-foot manufacturing facility in San Luis Obispo, with multiple integration and test facilities in the area.

AeroVironment will keep these facilities operational, stating that they were one of the main factors driving the acquisition, as they will allow for expanded manufacturing capabilities.

“ESAero brings an impressive agility in moving from design to manufacturing, which will accelerate AV’s ability to bridge the gap between conceptual design and manufacturing execution,” AeroVironment President and CEO Wahid Nawabi said in a statement. “ESAero’s capabilities are vital to addressing the urgent demands of a fast-growing tech market, where emerging needs are driving next-generation innovation and product development. We look forward to welcoming the team to the AV family.”

AeroVironment said that ESAero possesses deep engineering expertise, “innovative” electric and hybrid propulsion capabilities and rapid aerospace prototyping and that these assets will better help the company serve the requirements of the U.S. Department of Defense.

“Joining AV represents a unique opportunity to amplify the reach and impact of our innovative work and achieve greater success,” ESAero President and CEO Andrew Gibson said in a statement. “By combining ESAero’s engineering and manufacturing capabilities with AV’s unmatched expertise in autonomous systems, we are positioned to advance disruptive aerospace technologies and deliver real, timely value for our customers.”

The announcement noted that $160 million of the $200 million acquisition will be paid in stock and the remainder in cash, subject to post-closing adjustments and holdbacks. ESAero will operate as a subsidiary of AeroVironment and report to the company’s Precision Strike and Defense Systems group under the Loitering Munition Systems business unit. ESAero leadership and employees will remain in place.

The purchase of ESAero is AeroVironment’s second acquisition in less than a year. In May 2025, AeroVironment acquired BlueHalo for $4.1 billion.

Headquartered in , AeroVironment specializes in intelligent multi-domain robotic systems, uncrewed aircraft and ground systems, sensors, software analytics and connectivity. The company reported $820.6 million in fiscal 2025 revenue, up 14% from the previous year. It has about 4,000 employees.

OneMain sued by US states for saddling subprime borrowers with add-ons, fees

NEW YORK, March 16 (Reuters) – A bipartisan group of 13 U.S. state attorneys general sued on Monday, accusing the subprime lender of charging cash-strapped borrowers hundreds or thousands of dollars for “add-on” products they did not request and do not need, saddling them with hundreds of millions of dollars in extra costs.

Shares of OneMain fell more than 9% in afternoon trading after the lawsuit was filed.

In a complaint filed in Manhattan federal court, attorneys general led by New York’s Letitia James and Pennsylvania’s David Sunday said OneMain rewards , branch managers and district managers with commissions and gift cards for selling “extremely expensive” , term life insurance, and lifestyle- and health-related membership plans that have little value.

The attorneys general said OneMain instructs employees to wait until borrowers are ready to close their loans to pressure them into buying add-ons, and not to back off unless borrowers say “no” three times. They also said employees rush the closing process before borrowers understand the fine print.

“OneMain’s unlawful add-on and refinancing practices leave many of its customers significantly worse off than they bargained for when they came to the company for financial relief,” the complaint said.

The Evansville, Indiana-based company lends to people who may otherwise have limited access to credit.

ONEMAIN CALLS ALLEGATIONS ‘SIMPLY UNTRUE’

OneMain agreed in May 2023 to pay $20 million to settle U.S. Consumer Financial Protection Bureau charges that it pressured employees to sell add-ons to meet sales targets, tricked borrowers into buying add-ons, and failed to refund interest to borrowers who cancelled. It did not admit or deny wrongdoing.

In a statement, OneMain called the states’ allegations “simply untrue” and an attempt to relitigate issues the CFPB resolved.

“We operate honestly and transparently, in full compliance with all laws and regulations, as we provide responsible and much needed access to credit for hardworking Americans,” OneMain said. “We will litigate this case vigorously and look forward to proving the truth in court.”

The states are seeking civil fines, restitution to customers and the forfeiture of illegal profit for alleged violations of the Consumer Financial Protection Act of 2010, part of the , and state consumer protection laws.

Other states joining the lawsuit are Colorado, Maryland, Nevada, New Hampshire, New Jersey, North Dakota, Oklahoma, South Dakota, Virginia, Washington and Wisconsin.

OneMain was once owned by Citigroup, which sold it in 2015.

(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama and Nia Williams)

 

US pending home sales unexpectedly rebound in February on lower mortgage rates

WASHINGTON, March 17 (Reuters) – Contracts to purchase previously owned U.S. homes unexpectedly increased in February amid a decline in , but further gains are likely to be limited by the war in the Middle East that is raising and fanning inflation fears.

The index rebounded 1.8% last month to 72.1, the National Association of Realtors said on Tuesday. Economists polled by Reuters had forecast contracts, which become sales after a month or two, falling 0.5%.

Contracts increased in the West, the densely populated South and Midwest regions, but fell in the Northeast. Pending home sales slipped 0.8% from a year earlier.

Mortgage rates eased at the start of the year after President ordered government-backed mortgage firms Fannie Mae and Freddie Mac to expand purchases of . But they have increased in recent weeks as the U.S.-Israeli war with boosted oil prices and U.S. Treasury yields.

Mortgage rates track the benchmark 10-year Treasury yield.

“The slight gain in pending contracts appears to be driven by improved affordability conditions,” said Lawrence Yun, the NAR’s chief economist. “However, those conditions could reverse if higher oil prices lead to an uptick in mortgage rates.”

has become ⁠an increasingly potent political issue ahead of the November . Trump last week signed an order to improve access to mortgage credit and remove regulatory barriers to the construction of affordable homes. Economists and realtors say increasing would address the affordability challenge faced by potential home buyers. There is a critical shortage of starter homes.

Builders have not ramped up single-family because of expensive building materials resulting from Trump’s import tariffs. Labor shortages because of the administration’s immigration crackdown are also adding to costs for builders.

There is also a shortage of building lots, while sluggish new home sales have left an oversupply of unsold properties on the market, constraining builders’ ability to break ground on single-family housing projects.

About 943,000 housing units were started in 2025, down from 1.016 million units in 2024, government data showed.

A survey on Monday showed builder sentiment little changed in March, with builders continuing “to express affordability concerns stemming from elevated construction costs and shortages of buildable lots and labor.”

 

(Reporting by Lucia Mutikani; Editing by Andrea Ricci)

 

Oil prices rise nearly 2% after renewed Iranian attacks on UAE

Summary:
  • rose nearly 2% on March 17 after on UAE oil facilities.
  • Iranian attacks caused partial halting of oil loading at Fujairah port, a critical export terminal.
  • The disruptions and conflict have heightened concerns over global oil supply.

LONDON, March 17 (Reuters) – Oil prices rose nearly 2% on Tuesday, recovering some of the previous session’s losses as renewed Iranian attacks on the heightened concerns about the worsening outlook for global supply if there is no quick resolution to U.S.-Israeli war on Iran, now in its third week.

gained $1.74, or 1.7%, to $101.95 a barrel by 1435 GMT while U.S. (WTI) crude advanced $1.41, or 1.5%, to $94.91.

The U.S.-Israeli war on Iran shows no signs of abating. While oil futures have not repeated the brief surge to nearly $120 a barrel from earlier in the month, the series of attacks on oil installations by Iran and the ongoing disruption to shipping through the Strait of Hormuz – a vital gateway for about 20% of the world’s oil and liquefied natural gas trade – has traders girding for long-term impairment to supply that could keep prices elevated for an extended period.

“The risks remain stark: It only takes one Iranian militia to fire a missile or plant a mine on a passing tanker to reignite the entire situation,” IG market analyst Tony Sycamore said in a note.

Iran renewed attacks on the United Arab Emirates on Tuesday, causing oil loading at the port of Fujairah to be at least partly halted after the third attack in four days ignited a fire at the export terminal. Fujairah, located on the Gulf of Oman just outside the Strait of Hormuz, is a critical exit point for oil volumes equivalent to roughly 1% of global demand.

The effective closure of the strait has forced UAE, the Organization of the Petroleum Exporting Countries’ third-largest producer, to reduce its output by more than half, two sources told Reuters.

Middle East crude benchmarks have soared to record highs, becoming the world’s most expensive oil, with traders blaming the price spike on reduced supply available for delivery.

SEVERE DISRUPTIONS

Several U.S. allies rebuffed ‘s call on Monday to send warships to escort shipping through the strait, drawing criticism from the U.S. president, who accused Western partners of ingratitude after decades of support. Germany’s defence minister responded by saying that “this is not our war, we have not started it.”

Oil tankers are “starting to dribble through” the Strait of Hormuz, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that they see the lasting weeks, not months. On Monday, Brent lost 2.8% while U.S. WTI fell by 5.3% after some vessels sailed through the critical Strait of Hormuz.

“While that has eased concerns about an immediate hit from locked-up Middle Eastern barrels, traders still expect the disruption to be severe,” investment bank Cavendish said in a note.

Among the vessels that have transited the strait are those operated by Iran, however.

Oil prices still have the potential to be higher by the end of March, with technical analysis showing WTI’s medium-term resistance at $124 a barrel, said OANDA analyst Kelvin Wong.

To curb rising energy costs, the head of the suggested member countries could release more oil, in addition to the 400 million barrels they have already agreed to draw from strategic reserves.

(Reporting by Stephanie Kelly in London and Anushree Mukherjee in BengaluruEditing by David Goodman and David Gaffen)