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You probably locked in summer flights early this year, or maybe even snagged a deal that made you feel financially confident about your upcoming travel plans. That sense of certainty is about to get tested hard, because something has shifted dramatically behind the scenes at every major airline currently in full operation.The cost of fueling just one Boeing 737-800 for a domestic route surged by nearly $10,000 in under a single week earlier this month alone. Airline executives are no longer hiding behind careful corporate language, with United Airlines CEO Scott Kirby warning that fare increases will probably happen very quickly.The Iran conflict disrupted the world’s most critical energy shipping route, and the consequences are now reaching your next flight reservation in real time across the board.A 60% spike in jet fuel just reshaped the cost of every single flight you bookAt the start of 2026, a gallon of jet fuel in the United States cost $2.11, according to the Argus U.S. Jet Fuel Index published in early March of this year. By March 10, that same gallon had climbed to $3.40, marking a gain of more than 60% in barely over two months of volatile market trading.Related: Another airline prepares to file for bankruptcy, all flights offSeparate data from S&P Global’s Platts showed U.S. jet fuel reaching $3.78 per gallon by March 11, CNBC reported, approaching the panic levels seen during Russia’s 2022 Ukraine invasion. The International Air Transport Association reported that global jet fuel prices climbed approximately 83% over the past month as of March 17 of this calendar year.Fuel is an airline’s second-largest expense after labor, typically accounting for between 20% and 30% of all annual operating costs across the entire global aviation industry. United Airlines alone spent $11.4 billion on fuel in 2025, at an average per-gallon price of $2.44, according to a recent SEC filing from the carrier.Airlines around the world are already raising fares to cover mounting lossesThe cost pressure is no longer theoretical, because airlines across Asia, Europe, and Oceania have already announced fare hikes or added new fuel surcharges on tickets. Cathay Pacific revealed it would roughly double its fuel surcharges starting March 18, according to CNBC. CEO Ronald Lam told press that the cost of fuel so far this month was already double the average of the previous two months.More Airlines:American Air launching 15 new summer routes between U.S. citiesLow-cost airline will launch new flight to South Korea from USAmerican Airlines joins the Spirit Airlines bankruptcy caseAustralia’s Qantas Airways, Scandinavia’s SAS, and Air New Zealand all raised fares in recent days, each directly blaming the sharp and sudden global oil surge. Air New Zealand went further and pulled its full financial outlook entirely, stating it could not forecast results until fuel markets and broader operating conditions fully stabilized.Willie Walsh, director general of the International Air Transport Association, warned that global ticket prices across the aviation industry could jump by as much as 9%. Most fare hikes so far have come from carriers in the Asia-Pacific region, but analysts expect U.S. airlines to follow quickly if elevated fuel costs persist.The Strait of Hormuz closure triggered the largest oil disruption in modern historyThe root cause of this fuel price surge traces directly to a physical chokepoint in the Middle East called the Strait of Hormuz waterway. Iran declared the Strait effectively closed starting March 4, after the U.S.-Israeli military strikes on Iranian leadership and military infrastructure began on February 28 of this year.The Strait normally handles roughly 20% of the world’s total oil consumption and about 27% of all seaborne crude oil trade globally, per EIA analysis data. Tanker traffic through the waterway dropped by approximately 70% in the first week of the closure, with more than 150 ships anchoring outside to avoid potential strikes.Most U.S. airlines stopped hedging fuel costs before this crisis hit their booksHere is a detail that makes the current spike even more painful for every domestic carrier and, by direct extension, for every passenger flying inside the country. Most major U.S. airlines no longer hedge their fuel costs, meaning they do not lock in future prices using financial instruments like forward contracts or options.Southwest Airlines was one of the last major holdouts on fuel hedging, and the Dallas-based carrier quit its program entirely last year after winding it down. When jet fuel prices spike without hedging protection in place, U.S. carriers absorb the full cost and then pass those increases directly to you through fares.Some European and Asian carriers hedged portions of their fuel purchases earlier, but even those airlines warned that sustained high prices would eventually overwhelm their current protections.

Rising fuel prices driven by geopolitical conflict are forcing airlines to increase fares, impacting travel plans across major global routes.Anadolu/Getty Images

Rising fuel costs extend far beyond plane tickets to everyday household expensesThe jet fuel spike is part of a broader oil price shock that is already reaching you at the gas pump and inside your regular grocery bill. The national average gasoline price reached $3.79 per gallon as of mid-March, rising approximately 80 cents from one month earlier, according to AAA fuel data tracking.Diesel prices topped $5 per gallon for the first time since Russia’s 2022 invasion of Ukraine, which directly pushes up trucking and freight costs across the whole economy. Higher trucking expenses flow through the entire retail supply chain, meaning you could start seeing rising costs on groceries, consumer goods, and household essentials in the coming weeks.Nicholas Bloom, an economics professor at Stanford University, warned during a Harvard Kennedy School panel that this dynamic significantly worsens economic inequality across every income bracket. The people who can least afford rising prices on fuel, food, and airfare will be the ones most likely to feel the hardest financial squeeze this summer.Summer travelers face shrinking window to grab fares before they climb even moreIf you are planning to fly between June and August of 2026, the window to secure a reasonable fare may be closing faster than you initially expected. Jefferies airline analyst Sheila Kahyaoglu said the most severe financial impact on airlines will likely arrive within the next 30 to 90 days from this point.She explained that airlines had already booked ticket revenue for near-term flights, assuming much lower fuel prices, and cannot retroactively raise fares on those existing reservations. Related: American Airlines makes payment change some will appreciateThat gap between what airlines already charged weeks ago and what fuel costs right now means forward-looking ticket prices will rise more aggressively to compensate quickly.UBS analysts noted that the current strong demand environment gives airlines the cover to push fares higher, because leisure and business travel bookings remain surprisingly strong. Rob Handfield, a global supply chain expert at North Carolina State University, told reporters he expects visible fare increases on search engines within just a few days.Smart moves you can make right now to protect your summer travel spendingYou are not powerless in this environment, but acting fast and being strategic with your booking decisions will matter more now than in any recent travel year.Book summer flights now if your travel dates are already confirmed and set. Lock in your airfare now rather than waiting for prices to potentially drop any further this spring.Buy refundable or changeable tickets whenever that option is available, so you can rebook at a lower price if fares actually decline before your departure day.Use your airline miles and credit card points before their value erodes further.Check your frequent flyer and credit card points balances carefully, because award travel pricing often moves independently from the volatile and unpredictable cash fare market.Redemption rates on airline miles through programs from Chase, Amex, and Capital One may offer you better value right now than paying cash for overpriced tickets.Consider flying in August or choosing off-peak travel dates for real savings. Flying in August rather than June or July has historically saved travelers real money, because demand drops sharply once mid-summer school schedules begin to shift nationwide.Data from Points Path showed the cheapest days for summer 2026 flights clustered heavily in August, with early and mid-month dates ranking as the best available options.Book nonstop flights whenever your budget allows you to choose direct routesNonstop flights reduce your exposure to cancellations and delays that can strand you in cities where rebooking costs are now rising alongside the broader fare environment. Google Flights data show that layover flights save about 22% on average, but missed connections and stranding risks grow sharply during periods of widespread industry disruption.The longer this conflict continues, the steeper your overall travel costs could climb. The critical variable for your entire travel budget this year is duration, because analysts say the Strait of Hormuz closure length determines how high prices ultimately climb.Rick Joswick of S&P Global’s oil analytics team warned that a disruption lasting more than one month could mirror the severity of the devastating 1979 oil crisis, NPR reported. The 32 member states of the International Energy Agency agreed on March 11 to release 400 million barrels of oil from their emergency strategic petroleum reserve stockpiles.Joswick cautioned that releasing crude oil reserves may not quickly lower jet fuel prices specifically, because refineries still require time to convert raw crude into aviation fuel. President Donald Trump suggested the Iran conflict could end very soon, but conflicting signals from the administration have left both markets and airlines without any clear resolution timeline.For now, the safest assumption for your summer plans is that airfares will keep climbing unless the Strait fully reopens or oil markets find meaningful and lasting stability.Related: Iran’s shocking threat to boost oil to $200​

Kevin Warsh, ​President Donald Trump’s nominee to become the next Federal Reserve chair, has been asked by the ranking Democrat on the Senate Banking Committee to explain what, if any, relationship he had ‌with the late convicted sex criminal Jeffrey Epstein.Senator Elizabeth Warren (D-Mass.), a vocal critic of the former Fed governor, sent Warsh a March 18 letter demanding clarification on his potential relationship with the late pedophile. Warren cited two emails that suggested Warsh may have been invited to events Epstein appears to have been organizing.Warsh has not been accused of any crimes or wrongdoing connected to Epstein.He was named in a tranche of documents released by the Department of Justice on Jan. 30, 2026, related to the investigation and prosecution of Epstein and his close confidante Ghislaine Maxwell, currently serving a 20-year sentence for sex trafficking.Warren’s letter referred to communications by Epstein employees regarding a 2010 holiday party on the island of St. Barthélemy, often referred to as St. Barth’s.Warren asked Warsh to confirm whether he’d traveled to the island of St. Barthélemy in late 2010 or early 2011, and whether he’d attended any social functions where Epstein was present. Warren ​also asked Warsh to confirm ​whether he’d been in ⁠the presence of Maxwell.Sen. Warren’s letter also seeks President Trump’s links to EpsteinThe letter asked if Trump, who was once associated with Epstein and who appeared extensively in the government document ​release, attended any of the gatherings.Warren also asked Warsh to provide any ​communications with others ⁠associated directly with Epstein, and to detail any other interactions with Epstein or Maxwell not noted in the files thus far made available by the government.More Federal Reserve:Warsh nomination stirs Fed independence fears on Wall StreetThe letter requested a response by March 31. Warren emphasized that the American public had a right to understand Warsh’s possible interactions, noting that they allegedly occurred after Epstein had already been convicted of sex crimes involving a minor.Warsh, currently a fellow at the Hoover Institution at Stanford University, did not immediately respond to a request by TheStreet for comment.

Democratic Senator Elizabeth Warren called on President Trump’s nominee to lead the Federal Reserve, Kevin Warsh, to explain references to him in Justice Department files on the late disgraced financier Jeffrey Epstein.Shutterstock

Warren has frequently attacked Warsh’s nominationWarren has repeatedly questioned Warsh’s ability to remain independent from the White House, arguing that he has shifted his economic views to align with the president’s attempts to increase executive control over the central bank.She has called Warsh “Donald Trump’s sock pocket at the Fed,” claiming his recent dovish statements on interest rates and inflation reflect Trump’s sharp rhetoric for drastically lower interest rates.During the search for Powell’s replacement, the president repeatedly made it clear that he would not nominate someone who did not agree with his outlook. However, Trump also told reporters that he did not ask Warsh, a 55-year-old lawyer, to lower rates once he assumed the chair.Warsh’s nomination path stalled at SenateThe timeline of Warsh’s nomination to replace Powell remains unclear. Hearings before the Senate Banking Committee, expected to take place in March, have not been scheduled.A federal judge March 13 quashed two subpoenas from the Department of Justice in a criminal investigation into Powell’s testimony to Congress over cost overruns of the Fed’s $2.5 billion renovation of its headquarters.Related: Warsh nomination stirs Fed independence fears on Wall StreetBoth the judge and Powell called the probe a pretext by the Trump administration to lower interest rates dramatically over the past 14 months. The DOJ plans to appeal.Meanwhile, retiring Senator Thom Tillis (R-N.C.) has said he will block Warsh’s nomination at the Senate Banking Committee until the entire DOJ investigation is dropped. As I reported previously, Powell, whose term as chair ends May 15, said March 18 that if there is no Senate-confirmed replacement by that time, he will stay on as chair pro temp.Powell added that he had “no intention of leaving” the Fed board until the DOJ investigation is “truly over.”His term as a Fed governor ends May 2028, and he shared that he has “not made up my mind whether I will stay” if the criminal investigation ends prior to that timeline.Related: Kevin Warsh’s net worth: The Trump Fed nominee’s wealth & income

Looking for help with today’s New York Times Pips? We’ll walk you through today’s puzzle and help you match dominoes to tiles.

W&T Offshore (WTI) used its latest earnings report to show investors a steadier version of the small-cap offshore oil story. Production climbed each quarter of 2025, fourth-quarter output reached 36.2 thousand barrels of oil equivalent per day (MBoe/d), adjusted EBITDA for the year came in at $129.6 million, and year-end cash rose to $140.6 million. Net debt fell to $210.3 million from $284.2 million a year earlier, giving management more flexibility than it had heading into 2025.That balance-sheet progress matters because W&T is not entering 2026 with a large drilling program. Management is still leaning on workovers, recompletions, and acquisitions rather than aggressive new-well spending. The company said 2025 capital expenditures totaled $54.8 million, below the low end of guidance, and 2026 capital spending is expected to be just $19.5 million to $24.5 million. In other words, the operating story is improving, but the growth story still depends heavily on how W&T allocates cash from here.Output grew, and costs stayed in lineW&T’s 2025 operating gains were real. Full-year production averaged 34.0 MBoe/d, up from 30.8 MBoe/d in 2024, and fourth-quarter production was 13% above the year-earlier period. Lease operating expense in the fourth quarter was $22.40 per barrel of oil equivalent, down from $23.27 in the third quarter. The company also highlighted its West Delta 73 alternative route project, saying roughly $19.8 million of spending should unlock more than $60 million of undiscounted incremental cash flow and reduce transportation costs by more than $5.75 per barrel beginning in the first quarter of 2026.More OilMorgan Stanley has a stark warning for oil investorsOil’s whiplash is powering ConocoPhillips, but the real catalyst is internalA record release of oil reserves is no match for a scared energy market — oil prices are already back above where they wereThat kind of project fits W&T’s current approach. The company is trying to generate better margins from existing assets and previously acquired fields instead of chasing growth through a heavier drilling budget. Management also said it completed the production enhancement and facility work tied to the Cox acquisition, helping support the higher exit-rate production seen in December.W&T by the numbersIndependent oil and gas producer focused offshore in the Gulf of AmericaWorking interests in 50 fields as of Sept. 30, 2025, including 43 in federal waters and seven in state watersApproximately 624,700 gross acres under lease, including shelf, deepwater, and Alabama state-water acreageYear-end 2025 proved reserves of 121.0 million barrels of oil equivalent with a PV-10 of about $1.1 billionThe balance sheet is giving management more roomThe financial side of the report may matter more than the production headline. W&T said total debt at year-end 2025 was $350.8 million, down from $393.2 million a year earlier, while cash increased by $31.6 million. In January 2026, the company also issued $350 million of new 11.75% second-lien notes due 2029 and secured a new revolving credit facility maturing in July 2028, steps management said lowered its interest cost by 100 basis points and improved liquidity.Related: Wall Street just gave Devon Energy investors a big surpriseShareholder returns remain limited, though management has maintained them. W&T declared another quarterly dividend of $0.01 per share in March, marking its ninth consecutive quarterly cash dividend since late 2023. That payout is small, but it reinforces the company’s financial discipline as it builds cash and pursues acquisitions.

Commodity prices for many products, including oil, are affected by weather. Shutterstock

What investors should watch nextW&T’s 2026 setup is straightforward. The company has more liquidity, lower net debt, and a reserve base that still gives management room to pursue deals. It also said proposed federal changes to offshore decommissioning financial-assurance rules could reduce future bonding and insurance burdens across the Gulf, potentially freeing up more capital for operators like W&T.The main risks remain familiar. Commodity prices have softened from stronger periods, weather already caused temporary offshore downtime early in 2026, and plugging and abandonment costs are expected to run high this year. W&T also is not planning to drill its way into faster growth right now. That leaves the stock tied to a simpler question: whether management can turn a stronger balance sheet and stable production base into accretive acquisitions and better cash flow over time.Related: Sable Offshore runs into a California Line 325 chokepoint

Investing doesn’t require sifting through earnings reports and analyst predictions, trying to identify the stocks that are about to take off. In fact, the key to reaching your long-term financial goals is often to keep investing simple.
Vanguard founder Jack Bogle pioneered low-cost investing, which ushered in a new era of affordable mutual funds and exchange-traded funds (ETFs). If you’re in your 50s and nearing retirement, you may be wondering how to shift your portfolio to align with your risk tolerance, time horizon and goals. Bogle’s low-cost investing model can help – and implementing it can be fairly simple.

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The compounding power of lower fees
Investing in low-cost index funds instead of funds with much higher expense ratios won’t change your returns overnight, but it can result in significant savings in the long run. There are plenty of ETFs that mirror the S&P 500 and other popular benchmarks with expense ratios below 0.10%. Funds charging 1% expense ratios look a lot less attractive in comparison.
For instance, someone with $500,000 in their portfolio invested in funds with a 1% expense ratio will pay $5,000 in fees by the end of the year. But someone investing the same amount in funds with 0.25% expense ratios will pay just $1,250.
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Why simplicity reduces risk for late-stage investors
Bogle’s recommended approach is to invest in a handful of broad index funds and have long holding periods. That way, your wealth doesn’t depend on a single stock or sector. It gets to rise during bull markets, but the losses are often less severe during bear markets and corrections.
Consistently buying shares of index funds via dollar-cost averaging, such as each month, and holding them for the long haul helps you avoid making investing decisions based on emotions.
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How to go ‘Bogle-style’ in your 50s
Implementing Bogle’s investing advice once you’re in your 50s may not require substantial changes. It involves an audit so you can see which funds you’re invested in and how much you’re paying in fees. If you aren’t diversified across assets, such as stocks and bonds, domestic and international assets, and assets of different sizes and sectors, invest in funds that offer more diversification. If you’re paying more than you’re comfortable with in fees, you can sell shares in high-cost funds and invest in more affordable ones.
As you’re nearing retirement, it can make sense to max out your retirement savings accounts so you can enjoy tax advantages along the way. While Roth accounts shield you from taxes on withdrawals, a traditional retirement plan lets you enjoy tax-deferred contributions.
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Analyze your current tax situation and which tax bracket you expect to be in the future to determine which type of account you should invest in. Tax diversification can also help reduce risk and costs in retirement: Many investors put money in their employer-sponsored retirement accounts like 401(k)s, as well as individual retirement accounts (IRAs) and taxable brokerage accounts.

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The White House may be reviewing fresh legislative text, and lawmakers are reportedly weighing offers to banks of other, unrelated provisions for their support.

Kate Delson who, at 20, was the youngest member of the Team USA Paralympian team, won a gold and a silver medal!

Salesforce (CRM) is an enterprise software company and one of the world’s top Customer Relationship Management (CRM) systems.The company offers a variety of services, from helping businesses centralize and organize their sales pipelines to managing customer service operations and marketing campaigns.And for nearly two decades, Salesforce has enjoyed unrivaled dominance in the CRM industry; however, rising competition from Microsoft (MSFT) and HubSpot (HUBS), along with recent pressure to accelerate its AI-based solutions, caused CRM shares to fall 20% in 2025.One unfortunate result of Salesforce’s shift toward an AI-driven, “agentic” enterprise was layoffs — a lot of them. According to CNBC, in September 2025, the company eliminated 4,000 customer support positions because AI was now handling up to 50% of the company’s work.Those 4,000 people represented nearly 5% of the company’s total workforce — and the cuts have continued in 2026.Here’s what Salesforce’s workforce looks like now. How many employees does Salesforce have in 2026?According to Salesforce’s latest Annual Report, the company had 83,334 employees as of January 31, 2026.This number includes everyone from the software engineers and data scientists who build Salesforce’s cloud and AI platforms to its account executives, customer support teams, and corporate roles, such as those in finance and HR. @salesforce We work at Salesforce… 💙☁️ #CRM #TrailblazerCommunity #Salesforce #TechTok ♬ original sound – Salesforce Where are Salesforce employees located?Salesforce has offices spread across North America, Europe, Asia, and Latin America.The company maintains offices in 93 cities, including Atlanta, Indianapolis, New York, London, Chicago, Seattle, Dublin, Mexico City, Sydney, and Tokyo. Its main headquarters are in San Francisco — in fact, it employs 10,000 people there, representing nearly 12% of its total workforce.Salesforce’s main offices are located in the Salesforce Tower (415 Mission Street), a 61-story glass-and-steel obelisk in downtown San Francisco. The skyscraper is actually the tallest building in the city and the second-tallest in the state (only the Wilshire Grand in Los Angeles is taller).Related: Who owns Salesforce in 2026? A look at its largest shareholders & leadership stakeInside Salesforce’s 2026 layoffsAs the severity of the COVID-19 pandemic waned in 2023, Salesforce cut 8,000 jobs, the largest employee reduction in the company’s history. The company also reduced its office space, with CEO Marc Benioff telling The New York Times: “We hired too many people.”The Times reported that the company had around 48,000 employees before the pandemic began, but its headcount ballooned to roughly 80,000 workers on increased demand as businesses began allowing employees to work from home and still needed to collaborate remotely.Related: How many employees does Apple have? A deeper look at the tech giant’s workforceThis marked the beginning of a broader strategy to streamline operations and focus on core areas of growth — specifically AI.On September 12, 2024, Salesforce introduced its “Agentforce” platform, a series of autonomous agents designed to help streamline a business’s customer service, sales, marketing, and ecommerce functions, all powered through its proprietary “agentic” AI.But by January 2025, Benioff told Bloomberg that Salesforce’s AI agents were doing 50% of the company’s work.Company histories:History of Microsoft: Company timeline & factsHistory of Coca-Cola: Timeline, facts & milestonesHistory of Nike: Company timeline and facts“All of us have to get our head around this idea that AI could do things, that before, we were doing, and we can move on to do higher-value work,” he added.That September, Salesforce cut 4,000 customer service jobs, and when Benioff appeared on the Logan Bartlett podcast, he did not mince words, saying, “I need less heads.”AI’s increasing capabilities have made the company more efficient, but they have not made it more profitable. In fact, Salesforce’s shares lost 20% of their value in 2025 amid weaker-than-expected revenue guidance and slowing growth.In February 2026, Salesforce laid off another 1,000 employees, this time making “strategic” cuts across marketing and data analytics.To appease investors, the company announced a $50 billion share buyback that month and is funding the repurchase by selling $25 billion of its debt.Related: Is Chevron a good long-term investment? Its buy-and-hold prospects explained

Looking for help with today’s New York Times Wordle? Here are some expert hints, clues and commentary to help you solve today’s Wordle and sharpen your guessing game.